tax question - GoFuckYourself.com

p1mpdogg · 06-17-2006, 11:23 PM

if you sella business and reinvest into another business, you still gotta pay taxes on what you sold the 1st one for?

no such thing as a 1031 exchange ona business? or something similar? any ideas on tax breaks?

chupachups · 06-17-2006, 11:23 PM

I really doubt it.... would be to good really.

fallenmuffin · 06-17-2006, 11:24 PM

www.cpadirectory.com / www.orcpa.org/findacpa.asp

WiredGuy · 06-17-2006, 11:27 PM

In Canada (which isn't useful to you I know, but there may be a similiar rule with the IRS), if you have a holdings company and the holdings company owns Epic Cash for example, you can get up to a $500,000 tax exemption if you sell it within the holdings company (but not under your personal name). Similiar rules apply for trust companies as well. I'm going through such a corporate restructring right now to take advantage of these things should I ever sell.
WG

Degenerate · 06-17-2006, 11:27 PM

I could help you, but you're a dick.

fallenmuffin · 06-17-2006, 11:30 PM

Quote:

Originally Posted by Degenerate

I could help you, but you're a dick.

best reply ever.

Degenerate · 06-17-2006, 11:33 PM

Quote:

Originally Posted by fallenmuffin

best reply ever.

No seriously, I have a great deal of experience in doing transactions like these and creating very legal tax havens, and transfer compliance. I could send Trey one phone number, and he'd be set. Could even do it for free, as the guy is one of my close friends, and an old partner.

Just not for Trey. He's a dick.

p1mpdogg · 06-17-2006, 11:41 PM

Quote:

Originally Posted by Degenerate

No seriously, I have a great deal of experience in doing transactions like these and creating very legal tax havens, and transfer compliance. I could send Trey one phone number, and he'd be set. Could even do it for free, as the guy is one of my close friends, and an old partner.

Just not for Trey. He's a dick.

numnuts, like i would ever actually use some idiots 'advice' from gfy, i have plenty of lawyers and a good accountant. im just asking cause its a weekend and thought someone would have something useful that i havent thought of. like WG's

stick your advice up your broke ass

Degenerate · 06-17-2006, 11:45 PM

Quote:

Originally Posted by p1mpdogg

numnuts, like i would ever actually use some idiots 'advice' from gfy, i have plenty of lawyers and a good accountant. im just asking cause its a weekend and thought someone would have something useful that i havent thought of. like WG's

stick your advice up your broke ass

Cute. Don't post asking for advice then. Here something useful you haven't thought of:

Kill yourself, you know deep down you want to. You project such hate and a mean spirit I would guess you are very unhappy, and maybe suicidal. Normally, I would feel sorry for someone like you, but I honestly think you brought this on yourself over a course of years of mistreating people.

As far as you thinking I'm broke, whatever. I'm not worried about where my next paycheck is coming from. You on the other hand try to project how much money you have. Too bad you lack friends, compasion, and a life. You are pathetic.

fallenmuffin · 06-17-2006, 11:45 PM

lol.. you guys need to kiss and make up.

p1mpdogg · 06-18-2006, 12:02 AM

haha

i love gfy late at night

notabook · 06-18-2006, 12:08 AM

Quote:

Originally Posted by p1mpdogg

haha

i love gfy late at night

Fuck I love gfy at anytime. Always something new to read here. In fact, this is where I get all my news from -- if it's here, it's worth reading.

DatingGold · 06-18-2006, 12:48 AM

you just have to pay capitol gains. so be creative and move expenses around.

pussyluver · 06-18-2006, 12:49 AM

1031 applies to real estate only the best I can tell.

Assume you're an LLC???

There is always stock trades. The value of that stock is a matter of opinion in a privately held company. Suspect IRS has some guidelines, but.....

1031 may not play directly, but you could use the concept. I'll take X in cash if you'll sell me that building for... Think you get the idea. Up to your lawyers and accountants to keep you on the right side of the law and IRS rules.

A ton of questions come up. does the company own any physical assets. Has a basis been established on their value recently and all that crap.

I'm not an attorney and I don't know what the fuck I'm talking about either.

pussyluver · 06-18-2006, 12:55 AM

Create multiple copies of your books on the computer. Move the numbers around and see what falls out.... Not saying cook the books. Just there may be options on what your goal is. One set of books to show high value to sell and the other that shows a loss for taxes. You get to choose depreciation methods etc.

Was that last 50K you took out owner withdrawal or a loan from the company?

You know all this Trey, just late night bullshit I guess.

pussyluver · 06-18-2006, 01:00 AM

Here's a nice one if it will play. Your real salary is twice what you take. Now the company owes you.

That has some tax glitches in it.

Then there was that pension plan that has been in place for 5 years (typed up just last night).

There is always time to redo your expense reports for the year, sure you missed some big ticket items.

06-17-2006, 11:23 PM	#1
p1mpdogg Too lazy to set a custom title Join Date: Nov 2002 Posts: 16,714	tax question if you sella business and reinvest into another business, you still gotta pay taxes on what you sold the 1st one for? no such thing as a 1031 exchange ona business? or something similar? any ideas on tax breaks? __________________ A fast fortune is easy to earn! Just go with a winner!

06-17-2006, 11:23 PM	#2
chupachups Confirmed User Join Date: Dec 2002 Location: Sweden/Spain you sum bitch! Posts: 6,576	I really doubt it.... would be to good really. __________________

06-17-2006, 11:27 PM	#4
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,504	In Canada (which isn't useful to you I know, but there may be a similiar rule with the IRS), if you have a holdings company and the holdings company owns Epic Cash for example, you can get up to a $500,000 tax exemption if you sell it within the holdings company (but not under your personal name). Similiar rules apply for trust companies as well. I'm going through such a corporate restructring right now to take advantage of these things should I ever sell. WG __________________ I play with Google.

06-17-2006, 11:27 PM	#5
Degenerate Confirmed User Join Date: May 2006 Location: USA Posts: 1,294	I could help you, but you're a dick. __________________ .

06-18-2006, 12:02 AM	#11
p1mpdogg Too lazy to set a custom title Join Date: Nov 2002 Posts: 16,714	haha i love gfy late at night __________________ A fast fortune is easy to earn! Just go with a winner!

06-17-2006, 11:24 PM	#3
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	www.cpadirectory.com / www.orcpa.org/findacpa.asp

06-17-2006, 11:45 PM	#10
fallenmuffin Confirmed User Industry Role: Join Date: Nov 2005 Posts: 8,170	lol.. you guys need to kiss and make up.

06-18-2006, 12:48 AM	#13
DatingGold $6 PER EMAIL JOiN Industry Role: Join Date: Feb 2003 Location: California Posts: 13,185	you just have to pay capitol gains. so be creative and move expenses around. __________________ 9 Years of SOLID payouts and conversions! ADULT DATING - $100 PPS LIVE CAMS - $214 PPS WWW.DATINGGOLD.COM ICQ: 27442303

06-18-2006, 12:49 AM	#14
pussyluver Clueless OleMan Join Date: Mar 2003 Location: ICQ - 169903487 Posts: 11,009	1031 applies to real estate only the best I can tell. Assume you're an LLC??? There is always stock trades. The value of that stock is a matter of opinion in a privately held company. Suspect IRS has some guidelines, but..... 1031 may not play directly, but you could use the concept. I'll take X in cash if you'll sell me that building for... Think you get the idea. Up to your lawyers and accountants to keep you on the right side of the law and IRS rules. A ton of questions come up. does the company own any physical assets. Has a basis been established on their value recently and all that crap. I'm not an attorney and I don't know what the fuck I'm talking about either.

06-18-2006, 12:55 AM	#15
pussyluver Clueless OleMan Join Date: Mar 2003 Location: ICQ - 169903487 Posts: 11,009	Create multiple copies of your books on the computer. Move the numbers around and see what falls out.... Not saying cook the books. Just there may be options on what your goal is. One set of books to show high value to sell and the other that shows a loss for taxes. You get to choose depreciation methods etc. Was that last 50K you took out owner withdrawal or a loan from the company? You know all this Trey, just late night bullshit I guess.

06-18-2006, 01:00 AM	#16
pussyluver Clueless OleMan Join Date: Mar 2003 Location: ICQ - 169903487 Posts: 11,009	Here's a nice one if it will play. Your real salary is twice what you take. Now the company owes you. That has some tax glitches in it. Then there was that pension plan that has been in place for 5 years (typed up just last night). There is always time to redo your expense reports for the year, sure you missed some big ticket items.