Sale of a business

JMEHLINGER

Junior Member

Join Date: Aug 2019

Posts: 1
#1

Sale of a business

08-13-2019, 05:18 PM

Is the sale of a law practice subject to long-term capital gain? How do you reflect the sale on a tax return.

The sale consists of client cases. (intangible asset)

references or sources? Irs pubs, etc. Thank you!

Jordan l. Mehlinger
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TAXNJ

Senior Member

Join Date: Jan 2007

Posts: 2106
#2

08-13-2019, 06:25 PM

Starting point:

How To Sell A Law Practice

https://www.natlawreview.com/article/attorney-s-5-step-guide-to-selling-their-law-practice

Before you begin process of selling your practice, check your state’s rules. ABA provides PDF of states that have adopted Rule 1.17 and variants of rule.

and

https://www.irs.gov/businesses/small...-of-a-business

You might consider consulting a tax professional, especially a Tax Attorney. good luck

Last edited by TAXNJ; 08-13-2019, 07:49 PM.

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