In other words, how much would he receive after the company has been taxed and after he has been taxed?
2006-11-30 18:29:56 · 3 answers · asked by lacoste 3 in Business & Finance ➔ Other - Business & Finance
It depends on if he is selling it for profit or for loss. Be specific, please.
2006-11-30 18:49:22 · answer #1 · answered by Jason 3 · 0⤊ 0⤋
There is no way to tell. It depends on whether the whole proceeds can be viewed as a capital gain, and if so in which year the gain occurred (tax rates change with annoying frequency). It more particularly depends on the basis -- how much money he put into the thing. If he bought the company for $150 million and sold it for $100 million, that's a capital loss, and there is no tax. This is just a short summary -- for details, read the tax code and regulations. (It runs 65,000 pages of fine print. I am not kidding.)
2006-12-01 02:35:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
None if he's smart. Most rich people know the loopholes of the law and get around them.
2006-12-01 02:31:49 · answer #3 · answered by tofu 5 · 0⤊ 0⤋