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fedex transition
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<blockquote data-quote="bacha29" data-source="post: 2034468" data-attributes="member: 58386"><p>That is what I was trying to say. Get the best cash offer you can get plus buyer assumes what is owed on the truck. Pay the taxes owed on the gain. Clearly you will sell it for more than you payed for it but it should still qualify for long term capital gains tax treatment usually 15% federal plus any state and or local you may owe. After that you if you are in good shape and can use the money and you are 66 or older you can make as much as you want with no SS penalty find a job doing something that maybe more enjoyable or drive for one of the guys who remain. As for the proceeds from the sale if you have no personal debt to pay off an insurance annuity might be worth looking into. Keep in mind X will offer you a sum of money in exchange for forfeiting your right to sue over the ISP transition. One other possibility would be to create a new S corp and merge with someone to reach the required scale but his operation and your operation will operate as SEPERATE profit centers.</p></blockquote><p></p>
[QUOTE="bacha29, post: 2034468, member: 58386"] That is what I was trying to say. Get the best cash offer you can get plus buyer assumes what is owed on the truck. Pay the taxes owed on the gain. Clearly you will sell it for more than you payed for it but it should still qualify for long term capital gains tax treatment usually 15% federal plus any state and or local you may owe. After that you if you are in good shape and can use the money and you are 66 or older you can make as much as you want with no SS penalty find a job doing something that maybe more enjoyable or drive for one of the guys who remain. As for the proceeds from the sale if you have no personal debt to pay off an insurance annuity might be worth looking into. Keep in mind X will offer you a sum of money in exchange for forfeiting your right to sue over the ISP transition. One other possibility would be to create a new S corp and merge with someone to reach the required scale but his operation and your operation will operate as SEPERATE profit centers. [/QUOTE]
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