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Professional Goodwill: Don’t Over look the Tax Impact

June 10, 2013 Finance

Professional Goodwill: Don't Over look the Tax Impact

 

When a corporation sells its assets or liquidates, one important tax issue is whether the corporation or the shareholder-employees own any appreciated professional goodwill (with a fair market value in excess of tax basis). Who Owns Professional Goodwill — the professional corporation or the shareholder-employees in it? For tax purposes, the answer can make a big difference when a professional corporation is shut down. Keep reading, we'll explain why it matters and how you might want to plan in advance of a sale or liquidation to help ensure the best possible tax results.
 

Need help? Connect with our experts @FahrenheitAcctg / 804-955-4440 / Info@Fahrenheitfinance.com

 

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