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Dave I am a realtor who refers clients to you and who reads and enjoys all of your information
now i have a couple who have just forwarded to you their company
they own a company which inturns owns the land and quota for a turkey farm if they sell it as a turn key its has one million of capital gains allowances and if they split it up land quota equipment they pay on it all can they split the company to two and have one sell the quota and the other the land
gxxxx
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david ingram replies:
This is completely off the cuff. If they own a private company, they can sell that company for up to $500,000 capital gains tax free each.
If they owned a farm, they could sell the land and quotas for up to $500,000 capital gains free each.
It sounds to me that they have a buyer who wants the quota and does not have enough for the land. Perhaps what they should do is sell the whole shebang to a third entity, get eh capital gains tax free and then split it off at that point.
THIS IS OFF THE CUFF. I HAVE NOT SEEN THE BALANCE SHEET AND HAD ANY OTHER INFORMATION. DON'T DO ANYTHING WITHOOUT FURTHER CONSULTATION.
David Ingram's US/Canada Services
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