The Planners -- Installment 3

Selling your business? Defer — and possibly reduce — tax with an installment sale
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The strongest individual differences we measured that predicts liking of annuities is the respondent's perception of product fairness.

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We discuss implications of our findings for financial planners hoping to help their customers with these decumulation challenges. Results indicate that individuals who possess higher levels of general human capital are significantly more likely to achieve higher relative financial well-being following bankruptcy compared to similar individuals with lower levels of general human capital.

Other findings indicate that social capital and financial management capital related factors were also positively associated with the relative financial well-being of individuals recovering from bankruptcy. Currently mandated debtor education would likely contribute to better long-term outcomes for bankruptcy filers if it were to emphasize general human capital development in addition to basic financial management.

These topics include, but are not limited to, financial planning; portfolio choice; behavioral finance; household finance; psychology and human decision-making; financial therapy, literacy and wellness; consumer finance and regulation; and human sciences. Accepted papers span the broad spectrum of research methodologies and data analyses.

If you can pay your debt over time, an installment plan may be the right solution.

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The general rule of Sec. Under these rules, the note's distribution is treated as a disposition of the installment obligation. If the S corporation plans ahead and adopts a plan of liquidation before the asset sale, gain recognition can be deferred until the receipt of payment on the installment obligation in the subsequent tax year.

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Example 2: Assume the same facts in Example 1, but the S corporation adopts a plan of liquidation before the asset sale and completes the liquidation within the month period following adoption of the plan. If the S corporation adopts a plan of liquidation before the asset sale, Sec. No gain is recognized on the liquidating distribution, and the gain is deferred until the installment obligation is paid in the subsequent year. It provides that if an S corporation adopts a plan of liquidation before the sale of its assets and completes the liquidating distributions within 12 months of the date the plan is adopted, the note's distribution is not treated as the S corporation's disposition of the obligation.

Instead, the shareholder's receipt of payments on the installment obligation but not the receipt of the installment obligation in liquidation is treated as the receipt of payment for the stock.

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Under these rules, the S corporation does not recognize gain on the liquidating distribution of the installment obligation, and thus the shareholder will take a zero basis in the installment obligation. This planning technique becomes more valuable if the shareholder's outside basis in the S corporation stock is less than the S corporation's basis in the assets. At the date of the sale, the S corporation's tax basis balance sheet is as shown in Exhibit 1.

1. You Can Pay in Installments (Deposit and Final Payment)

If the S corporation has the foresight to adopt a plan of liquidation before the sale, Sec. Under the rules of Sec.

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Even when inside and outside bases are equal, the plan of liquidation is adopted before the sale, and liquidation occurs within 12 months, a potential trap still exists because of the required allocation of basis among the assets received in the liquidating distribution. This trap can cause tax to be paid on the cash distributed in liquidation from the S corporation even though the inside and outside bases are equal.

Example 4: An S corporation has one shareholder with zero stock basis, and the S corporation has zero tax basis in its assets and no liabilities.

Tax benefits

Results 1 - 10 of 10 [READ ONLINE] The Planners -- Installment 3 by Ken Frazer. Book file PDF easily for everyone and every device. You can download and. THE PLANNERS -- INSTALLMENT 1 tracks two groups of very different people on parallel journeys, unaware of each other until collision occurs in the Canadian .

Since other assets were distributed in addition to the installment note in liquidation, the first step for the taxpayer is to allocate his or her stock basis among the assets received. Upon a liquidating distribution of the cash and note, the shareholder's basis is apportioned between the cash and note based on the relative fair market values of the distributed assets.

For example, depreciation recapture must be reported as gain in the year of sale, no matter how much cash you receive.

Tax Installment Payment Plan

So you could owe tax that year without receiving enough cash proceeds from the sale to pay the tax. If depreciation recapture is an issue, be sure you have cash from another source to pay the tax. With tax rates currently quite low historically, there might be a greater chance that they could rise in the future. Weigh this risk carefully against the potential benefits of an installment sale.

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As you can see, installment sales have both pluses and minuses. To determine whether one is right for you and your business — and find out about other tax-smart options — please contact us. Username: Password: Forgot Password? Tax Center. Michael L.

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