I'm writing a movie and part of it is where a guy want to sell his business to a foreign party so he won't have to pay taxes - so he can keep it all. is it possible to do this? it doesn't have to be a foreign party - looking for a plausible loophole. thanks.
2007-12-12 16:50:04 · 4 answers · asked by miked2023 1 in Business & Finance ➔ Taxes ➔ United States
He basically wants to sell it to a buddy through a 3rd party loophole of some kind and pay no taxes (any other ideas?. it's supposed to be illegal - but doable. that's the point. get creative! thanks.
2007-12-12 17:01:37 · update #1
I think you do, although I'm Aussie, because it's still considered an income. I'm sure there are many ways to get away with this illegally though.
2007-12-12 16:53:32 · answer #1 · answered by wndlssmgc 2 · 0⤊ 0⤋
Any company that does business in the US has to pay American income tax, regardless of ownership. Get your character to buy a shell company (legally incorporated but no income or assets) and take it from there.
2007-12-13 00:54:17 · answer #2 · answered by Pagan Dan 6 · 0⤊ 0⤋
There aren't any loopholes - if you sell something of value and have made gains against your investment you have to pay capital gains tax - doesn't matter who actually buys it...
2007-12-13 00:54:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Before you interject the subject of taxes into your movie, you had better know what really happens. Otherwise you are working under false assumptions and that doesn't fly!!
2007-12-13 00:57:21 · answer #4 · answered by googie 7 · 0⤊ 0⤋