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Create Your Own Tax Advantaged Opportunity Zones  -  More at www.LegacyChange.com 

 

Thank you for your time and courtesy during your visit to this page.  

Congratulations for your success in business. Your success is the result of your integrity, wisdom, skill, persistence and much dedication. My goal is to reinforce your business exit goals including the transfer of the business to the best qualified new owner while receiving a fair price and retaining maximum proceeds.

Business brokers can ask 10% or more success fee while some can require significant time to find proper buyers with funds. Over 30 years of experience marketing and transferring businesses allows me to share alternatives to save time and expense. I do not list businesses as in past. Am a consultant who can potentially reduce 1/3 to 2/3 the broker expense while potentially saving much more in time and proceeds taxation.

Can evaluate your business but recommend we engage an experienced business appraiser for valuation. Inventory is included. Can evaluate your real estate but recommend an experience commercial real estate property appraisal. Both are confidential and could be shared  when you feel the valuations meet owner expectations. Otherwise, portions of the valuations are marketing tools without the actual appraised number. This saves time, expense and adds an arms-length opinion to the marketing.

My consulting fee includes an engagement fee, hourly fee invoiced monthly and expenses authorized before the expense. Consultation includes premarket preparation, marketing assistance, prospect qualification and qualification of acceptance of terms. Working with your attorney and CPA for the closing goal is significant. Post-closing service can be included.

Have visited with a highly experienced International broker about EB5 and other US programs allowing other country’s investors the opportunity to own a US business and have residence. The minimum is now approximately one million dollars that is deposited in a regional institution with an unknown timeline until all approved. The current timeline is approximately two years plus the business must generate 10 employees. The employee requirement would be challenging. 

Your business is the right business in the right location. It should be an attractive business for a new owner.

Below in my signature are where one can start to find my background and references. Look forward to questions.

 

SECTION 1202 OFFERS A PARTIAL OR TOTAL EXEMPTION FROM TAX FOR CERTAIN CAPITAL GAINS

Section 1202 exempts from tax a specified percentage of a taxpayer’s gains from the sale of QSBS provided the taxpayer held the QSBS for more than five years (among other requirements discussed below). The applicable exemption percentage may be 50%, 75%, or 100%,2 depending on the taxpayer’s stock acquisition date because Congress has repeatedly changed the amount of the § 1202 exemption with varying effective dates. Additionally, special modifications to the capital gains tax rate3 and alternative minimum tax (AMT) adjustments (because § 1202 gain has historically been an AMT tax preference item)4 interact with the applicable exemption percentage for each taxpayer to determine the taxpayer’s effective tax rate reduction.

The table below summarizes the interaction of § 1202, AMT, and other Code provisions.

 

Date of Stock Acquisition

§ 1202 Tax Exemption Percentage

§ 1202 Capital Gain Rate5

Effective Capital Gains Rate6

Effective NII Tax Rate7

Effective AMT Tax Rate

AMT rate savings vs. 23.8% regular capital gain rate8

On or after Aug. 11, 1993

But before Feb. 17, 20099

50%10

28%

14%

1.9%

14.98%11

6.92%

On or after Feb. 17, 2009,

But before Sept. 27, 201012

75%

28%

7%

0.95%

8.47%13

14.38%

On or after Sept. 27, 201014

100%

28%

0%

0%

0%15

23.8%


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For example, assume that individual X acquired $1 million of Y corporation stock in 2011 and Y stock is a capital asset in X’s hands. If the Y stock is not QSBS and X sells it in 2017 for $6 million, then X realizes a gain of $5 million. In that case, X could potentially owe taxes of $1.19 million ($5 million gain * 23.8% capital gains rate). However, if the Y stock were QSBS in X’s hands, then X’s entire § 1202 gain on the sale would be excluded and X would owe no taxes. Thus, X would have tax savings of $1.19 million.

THE TAX CODE IMPOSES STRICT REQUIREMENTS TO QUALIFY FOR THE SECTION 1202 EXEMPTION

  for stock in a corporation to qualify for the exemption in § 1202(a), the following requirements must be satisfied:

  •  Five year holding period – the taxpayer must have held the stock for at least five years.16
  • Shareholder other than a corporation – the taxpayer claiming the § 1202 exclusion must not be a corporation.17
  • Acquisition at original issuance for cash or services – the taxpayer must have acquired the stock at its original issuance (directly or through an underwriter) either (i) in exchange for money or other property (not including stock)18 or (ii) as compensation for services provided to the corporation (other than services as an underwriter).19 However, this requirement is waived in certain cases. For instance, if QSBS is transferred by gift or at death, the donee or heir, respectively, steps into the donor or decedent’s shoes for purposes of the § 1202 original issuance requirement and five year holding period.20
  • Domestic C Corporation – the stock must be in a corporation created or organized in the U.S. or any State that is taxed under subchapter C of the Code.21 That is to say, a domestic corporation that pays corporate-level taxes, as opposed to an S corporation.
  • Gross Asset Test – The aggregate gross assets of the corporation prior to and immediately after the taxpayer acquires the stock must not exceed $50 million.22 For this purpose, aggregate gross assets includes the amount of cash and the combined adjusted bases of other property held by the corporation.23 However, the adjusted basis of any property contributed to the corporation is determined as if the basis of such contributed property were equal to its fair market value at the time of contribution.24
  • Qualified Active Business – The corporation must have conducted a “qualified trade or business,” which is defined in the negative to exclude the following types of businesses:
    • any business involving performing services in the fields of health, law, engineering, architecture, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any business where the principal asset of the business is the reputation or skill of its employee(s),
    • any banking, insurance, financing, leasing, investing, or similar business,
    • any farming business (including the business of raising or harvesting trees),
    • any business involving the production or extraction of products of a character with respect to which a deduction is allowable under section 613 or 613A, and
    • any business of operating a hotel, motel, restaurant, or similar business.25

​​Additionally, the corporation must be an “eligible corporation,” which is also defined in the negative to exclude the following types of corporations: (i) a DISC, (ii) a corporation that has a § 936 election in effect or one of its subsidiaries has a § 936 election in effect, (iii) a regulated investment company, REIT, or REMIC, or (iv) a cooperative.26

  • 80% of assets by value used in a qualified active business – At least 80% of the corporation’s assets must have been used in the active conduct of one or more qualified trades or businesses during “substantially all” of the taxpayer’s holding period for the shares.27 For this purpose, the following rules apply:
    • ​Assets used for research and experimental expenditures under Section 174 in conjunction with a future qualified business are treated as used in the active conduct of a qualified business without regard to whether the corporation had any gross income from such activities at the time of the determination.28
    • Any assets either (i) held as part of the reasonably required working capital needs of a qualified trade or business of the corporation, or (ii) held for investment but reasonably expected to be used in a qualified trade or business by the corporation within two years to finance research and experimentation or increases in the corporation’s working capital needs, are treated as used in the active conduct of a trade or business.29 However, after the corporation has been in existence for two years, no more than 50% of its assets may qualify as eligible working capital or investment assets under this rule. In other words, after two years, up to 70% of the corporation’s total assets may consist of working capital and/or investment capital and the corporation would still meet the active business test (50% under this working capital/investment capital rule plus 20% from the general requirement that only 80% of the corporation’s assets must be used in a qualified trade or business).
    • The corporation may not have held real estate assets in excess of 10% of the value of the corporation’s total assets if such real estate was not used in the active conduct of the corporation’s trade or business.30 For this purpose, owning, dealing in, or renting real property is not a qualified, active trade or business.31
    • The corporation may not have held portfolio stocks or securities in excess of 10% of the value of the corporation’s total assets (in excess of liabilities) if such portfolio stocks or securities were not used in the active conduct of the corporation’s trade or business.32
      There is no guidance on when the 80% of assets used in qualified active business requirement must be determined (constantly, annually, average over holding period, etc.) or on what basis (valuations, balance sheets, board resolutions, etc.).

COMMON PITFALLS THAT PREVENT SMALL BUSINESS OWNERS FROM BEING ABLE TO TAKE ADVANTAGE OF THE SECTION 1202 EXCLUSION

Tax practitioners have identified the following as common pitfalls that cause certain investors in small business corporations to become ineligible for the § 1202 exclusion.33

 

  1. Redemptions of shareholders may cause all stock not to be QSBS
    Given that the § 1202 exclusion is designed to incentivize new business investment, the Code has two provisions designed to prevent the exclusion from applying when newly issued stock is simply a replacement of a prior investment.34 Under the first provision, stock is not QSBS if at any time during the four-year period beginning two years before the stock was issued, “the issuing corporation purchases (directly or indirectly) more than a de minimis amount of its stock from the taxpayer or a person related to the taxpayer (within the meaning of section 267(b) or 707(b)).”35 Redeemed stock exceeds a “de minimis amount” only if (i) the amount paid for it is more than $10,000 and (ii) more than 2% of the stock held by the taxpayer and related persons is acquired.36 Among many other relationships, related persons include: siblings, spouses, ancestors, and lineal descendants, a partnership and a person owning 50% or more of the partnership interests, fiduciaries of trusts and grantors or beneficiaries of those trusts, and two partnerships in which the same person owns 50% of or more of interests.37

    For example, stock issued on July 1, 2016 cannot be QSBS if the corporation redeemed more than a de minimis amount of stock from the shareholder after June 30, 2014 and before July 1, 2018. A redemption of more than a de minimis amount of stock taints all of the stock that is not redeemed, so none of it is QSBS.

    Under the second provision, stock is not QSBS, if during the two-year period beginning one year before the stock was issued, the corporation repurchased stock in one or more transactions (i) each of which involves a repurchase of more than $10,000 of stock where more than 2% of all outstanding stock by value is repurchased and (ii) the sum of all repurchases during the two-year period have a value, at the time of redemption, in excess of 5% of the aggregate value of all the corporation’s stock at the beginning of the two-year period.38 For example, if the aggregate value of a corporation’s stock is $10 million on July 1, 2016, stock issued on July 1, 2017 is not QSBS if more than $500,000 of stock is redeemed from any shareholder during the period from July 1, 2016 through June 30, 2018.
     
  2. Large rounds of venture capital financing may cause the corporation to fail the qualified active business test or the gross asset test
    The qualified active business test requires that during “substantially all of the taxpayer’s holding period” at least 80% (by value) of the corporation’s assets must be used in active conduct of a one or more qualified trades or businesses.39 Subject to the allowances for working capital and financing research and experimentation discussed above, this means that if more than 20% of a corporation’s assets become cash or other non-qualified assets immediately after a venture capital round of financing or at any other time, such corporation may fail this “substantially all” test. Congress and the IRS have not given any guidance as to what is deemed “substantially all” of a taxpayer’s holding period for this purpose. Thus, it may be advisable for corporations and their (potential) shareholders to exercise an abundance of caution and avoid potentially violating the test by holding too much cash or other non-qualified assets at any time.

    Additionally, in order for stock to qualify as QSBS, the aggregate gross assets of the corporation cannot exceed $50 million at either (i) any time prior to the taxpayer’s stock acquisition date and (ii) immediately after the taxpayer’s stock acquisition date.40 Thus, if a corporation never exceeded $50 million in gross assets through June 30, 2016, but received a cash investment from a venture capital firm on July 1, 2016 of $50,000,001 (or any lesser amount that pushed the corporation’s aggregate gross asset value over $50 million), then

    -- ​​​​Any shareholders who acquired stock on or after July 1, 2016 would be ineligible for the § 1202 exclusion;
    -- But any shareholders who acquired stock on or before June 30, 2016 would remain eligible for the § 1202 exclusion

    In other words, a small business corporation can permanently eliminate its ability to have investors qualify for the § 1202 exclusion by having a venture capital or angel investment round in excess of $50 million (or, more precisely, $50 million less the aggregate gross assets of the corporation) at any time.
     
  3. Contributions of appreciated property in exchange for stock are subject to further limits
    For purposes of the requirement that a qualified small business have aggregate gross assets of $50 million or less, aggregate asset value is generally measured as cash plus the adjusted basis of the other assets.41 However, the basis of any property contributed to the corporation is deemed to be equal to its fair market value (“FMV”) for purposes of this gross asset test.42 This has significant consequences for a shareholder contributing property under § 351.

    For example, shareholder X contributes property with an adjusted basis of $2 million and a FMV of $5 million to Y corporation in exchange for stock, which qualifies as a § 351 contribution. The basis of the contributed property to Y will be $2 million under § 362 for all purposes outside of § 1202. However, for purposes of the § 1202 $50 million gross asset test, the basis of the assets will be treated as $5 million. Thus, if Y’s aggregate gross assets prior to the contribution were more than $45 million, Y stock would not be QSBS in X’s hands immediately after the contribution.

    The contribution rule also affects a shareholder’s basis in his QSBS and the calculation of gain on later sale. When a shareholder has contributed property to a qualified small business, the shareholder’s basis in her QSBS is also deemed to be the FMV of the contributed property at the time of contribution,43 even though for all other tax purposes § 358 provides that the shareholder has carryover basis in her stock equal to her adjusted basis in the contributed property.

    Following on the example above, when X sells her Y stock, her basis in the stock is treated as being $5 million, as opposed to $2 million. This rule prevents X from converting her $3 million of unrealized appreciation in the contributed property, which would be taxed on sale, into non-taxable § 1202 gain by selling the Y stock after holding it for at least five years.
     
  4. The $50 million gross asset test includes the assets of more than 50%-owned subsidiaries
    Corporations that are members of the same parent-subsidiary controlled group must calculate their assets on an aggregated basis.44 This rule is triggered when a corporate parent owns more than 50% ownership of a subsidiary, not the 80% ownership generally required under § 1563 for treating a chain of corporations as a controlled group.

    For example, X corporation owns 53% of Y corporation stock. Individual Z contributes $2 million of cash to X in exchange for X stock. Although X’s assets immediately after the contribution are only $40 million, Y has assets with an aggregate basis of $15 million. Given that X owns more than 50% of Y’s stock, for purposes of the § 1202 gross asset test, X and Y’s assets must be aggregated. Thus, the aggregated assets are $55 million ($40 million plus $15 million), and the X stock that Z receives does not qualify for the § 1202 exclusion.
     
  5. Stock must be acquired at original issuance to qualify for § 1202
    Generally, a shareholder must acquire stock at original issuance in exchange for cash or other property or as compensation for services in order for it to qualify as QSBS. Thus, if a shareholder purchases stock from an existing shareholder that stock will not qualify for the § 1202 exclusion. For example, individual X is the sole shareholder of Y corporation, the stock of which qualifies as QSBS in X’s hands. Individual Z purchases 50% of Y’s stock from X for cash. The stock that Z acquires is not QSBS, even though it was QSBS in X’s hands, because Z did not acquire it at original issuance. The 50% of Y stock that X still holds, however, remains QSBS.

    This strict rule is relaxed a bit, however, in the realm of corporate reorganizations. When a shareholder exchanges QSBS for other stock in a tax-free reorganization, such as a merger under § 368(a)(1)(A) or a stock acquisition under § 368(a)(1)(B), the new stock received by such shareholder qualifies as QSBS and the holding period of the original QSBS given up is tacked to the holding period of the new stock received.45

    For example, individual X owns all of the outstanding stock of Y corporation and Y stock constitutes QSBS in X’s hands. Y merges into Z corporation in a corporate reorganization that qualifies under § 368(a)(1)(A). In the transaction, X exchanges all of his Y stock for Z stock. The Z stock that X receives is deemed to be QSBS with a holding period that includes the period that X held her Y stock.

    Additionally, if a shareholder contributes her existing QSBS to another corporation in a § 351 transfer, then the stock received from the transferee corporation will be deemed QSBS stock, as long as the transferee corporation owns over 80% of the transferred corporation.46 For example, individual X owns 100% of Y corporation and contributes all of her Y stock, which is QSBS, to Z corporation in exchange for 90% of Z’s shares. The Z shares that X receives are QSBS because (i) X’s Y stock was QSBS before the contribution and (ii) Y owns more than 80% of Z after the contribution (100% in fact).

    Note that the exception for transfers qualifying under §§ 368 or 351 only applies to the built-in gain in the stock at the time of the tax-free reorganization or contribution.47 All future gains in the stock received do not qualify for the § 1202 exclusion, unless the new corporation in which the shareholder receives stock in the reorganization is also a “qualified small business.” For instance, individual X owns Y corporation stock, which is QSBS with a basis of $2 million and a FMV of $8 million. Y merges with and into Z corporation under § 368(a)(1)(A) and X receives Z stock, which would not otherwise qualify as QSBS but for the reorganization. The Z stock in X’s hands is QSBS, but when X sells Z stock in the future, X can only exclude a maximum of $6 million of gain, which is equal to the built-in gain in X’s Y stock at the time of the reorganization ($8 million FMV - $2 million basis). That is to say, all post-reorganization gain in Z stock is not eligible for the § 1202 exclusion.
     
  6. $10 million or 10 times basis ceiling on the § 1202 exclusion
    Note that there is a per-corporation ceiling on each taxpayer’s eligible § 1202 gain. In other words, if a taxpayer’s gain from sales of QSBS of a particular corporation exceeds a ceiling amount, none of the excess is excluded from gross income.48 In each taxable year, the ceiling is the greater of

    -- $10 million ($5 million for married taxpayers filing separate returns), reduced by the taxpayer’s § 1202 eligible gain used in prior years49 or
    -- 10 times the taxpayer’s original basis in the stock of the corporation that is sold during the taxable year.50

    For instance, shareholder X paid $3 million for QSBS in 2015. In 2021 X sells the QSBS for $17 million and realizes a gain of $14 million. The ceiling on § 1202 excluded gain is $30 million (the greater of $10 million or 10 times the $3 million basis). Thus, the entire gain is excluded from both X’s taxable gross income and AMT calculation.

    However, if all of the same assumptions applied, except for the fact that instead X only paid $300,000 for her QSBS, then the gain would be $16.7 million. In this situation, 10 times X’s basis is only $3 million, which is less than $10 million. Thus, the § 1202 exclusion ceiling is restricted to $10 million and $6.7 million of gain must be included in X’s taxable gross income and is subject to AMT.

     
  7. Limitation on § 1202 exclusion for partners in partnerships holding QSBS
    A partner in a partnership (or member of certain other pass through entities)51 holding QSBS may qualify for the § 1202 exclusion, but additional limitations particular to the pass-through context apply.52 The partner must have held her interest in the partnership both (i) at the time the partnership acquired the QSBS and (ii) at the time the partnership sold the QSBS. For purposes of determining the $10 million or 10 times adjusted basis ceiling, the partner’s basis is determined to be her proportionate share of the partnership’s basis in the stock.53 Additionally, even if a partner increases her ownership interest in the partnership between the time that the partnership acquires the QSBS and the time it sells the QSBS, the partner’s § 1202 gain exclusion is limited based on the partner’s original proportionate interest in the partnership, when the partnership acquired the QSBS.54

    For example, as of January 1, 2011 partner P was a 20% partner in the X partnership. On that date, X bought QSBS for $2 million. By January 1, 2017, P has become a 50% partner in X and on that date X sells all of the QSBS for $3 million. X has a gain of $2 million to allocate to its partners. P is allocated $1 million of gain (50% of $2 million). However, only $400,000 of that gain is eligible for the § 1202 exclusion (20% * $2 million). Additionally, the adjusted basis that would be used for P’s $10 million or 10 times adjusted basis § 1202 exclusion ceiling is $400,000 (20% * X’s $2 million basis).

HF 4-15-2020  Tax Reduction Service Overview:

  • 8 of our law firms have created several 100s of these benefits for clients since the late 1990s.
  • Collectively, 40 IRS audits with no IRS changes. 
  • Our tax attorneys will teach your (or the seller's) CPA how, for free.

Client benefits with this particular solution in either a real estate and/or business sale are:

  1. 99% capital gains tax free. 
  2. Business income taxes are reduced by 60% OR... 99% in real estate if we can make the income passive.  
    1. for 2020 only, as result of new legislation, #2 above is 100% regardless if real estate or business
  3. Estate tax essentially goes away for over 100 years   

Our national Elite CPA Family Office Network uses this Amazon com Business-like model:

  1. Our client is an elite CPA who wants to offer their clients greater value. Such value traditionally requires exhaustive due diligence per tax attorney solution interviewing tax attorneys.  Our model makes it very easy for a CPA to do the due diligence on the tax solutions most appropriate to that CPA's client. Usually, we are introduced to a CPA via their client (Business/ Real Estate owner) referred by a CCIM, Broker or MA advisor.  
  2. Our seller is a tax law firm with a rare solution that made the cut after our 200 elite CPA firms voted them as best-in-class.  The tax attorneys must treat our CPAs like a VIP.  So both the tax solution and attitude matter.  
  3. Our product is a tax attorney solution VETTED by our CPA community with an ideal client benefit & risk ratio.
  4. Our service is the collective CPA due diligence on any of our 100+ tax attorney solutions your CPA chooses.

Our community of 200+ independent elite CPA firms does ongoing tax due diligence:. 

  • We have done due diligence on 100+ advanced tax solutions and their tax attorney providers. 
  • As a result, your CPA saves many hours of due diligence for any of these tax solutions. 

Our approach is not sales like: 

  1. We teach your CPA free of charge. This way you can rely on your trusted CPA's opinion, not ours.  
  2. We future proof a CPA firm from technological innovation.  Specifically, the threat of AI embedded in Tax software generating a business tax return within a few years. We empower a CPA to become a powerful tax strategist working with best-in-class tax attorneys.   

 

 

R&D Tax Credit

What is the R&D Tax Credit?

The Research and Development Tax Credit is a government-sponsored tax incentive that rewards companies for conducting R&D in the United States. The credit was implemented to incentivize innovation throughout the economy and to keep technical jobs here in the U.S.

However, what constitutes R&D with regard to the credit is much more expansive than business owners realize, with activities related to applied sciences and other technical projects qualifying companies from numerous industries.

The R&D Tax Credit is for businesses of all sizes, not just major corporations with research labs – and many companies are eligible, with an expansive list of activities qualifying for the credit.

What Qualifies for the R&D Tax Credit?

If your company does any of the following, your business likely qualifies for the R&D Tax Credit:

  • Develops or designs new products or processes
  • Enhances existing products or processes
  • Develops or improves upon existing prototypes and software

How do I claim the R&D Tax Credit?

A number of factors go into claiming the credit, but the potential savings on the table make exploring the credit a worthy investment. Since the credit may be claimed for both current and prior tax years, companies can benefit from documenting their R&D activities to ensure they are positioned to claim the credit in both situations.

To claim the credit, the taxpayer must contemporaneously evaluate and document their research activities to establish the amount of qualified research expenses paid for each qualified research activity. While taxpayers may estimate some research expenses, they must have a factual basis for the assumptions used to create the estimates.

Examples of such documentation includes:

  • Payroll records
  • General ledger expense detail
  • Project lists
  • Project notes
  • Other documents a company produces throughout the regular course of business

These records combined with credible employee testimony can form the basis of a R&D Tax Credit claim – and an accounting comprehensive services can identify and gather information to substantiate claims, ensuring receiving the full value entitled under relevant IRS guidelines and Treasury regulations.

 

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Tax Reduction Alternatives 3-31-2020

 

Form 8824 Individual (NEW Model) for Executive Branch

When available, drafts of IRS forms are posted for comment at www.irs.gov/draftforms.  Form 8824 Individual (NEW Model) 1545-0074 Sixty-day notice published in the Federal Register on 9/30/19 (84 FR 51712). Public Comment period closed on 11/29/19. Thirty-day notice published in the Federal Register on 12/18/19 (84 FR 69458). Comment period closed on 1/17/20. Approved by OMB through 1/31/2021. Link: https://www.federalregister.gov/documents/2019/12/18/2019-27285/agencyinformation-collection-activities-submission-for-omb-review-comment-request-usindividual

Form 8824 is also used by members of the executive branch of the Federal Government and judicial officers of the Federal Government to elect to defer gain under section 1043 on certain sales of property due to potential conflicts of interest arising from their status as government officials. These proposed regulations do not address or affect the deferral of gain on sales under section 1043.

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