The prudent businessperson is always cautious when offered a great bargain on real estate, equipment, a business interest or some other property that just might be too good to be true. Even in connection with ordinary business transactions but especially when considering taking over a property or business that in a bargain because of some legal wrinkle, you should consider whether there might be some tax liability attached to the bargain that could come back to haunt you down the road. Here are five facts to help you understand transferee tax liability:
Before going forward with any contemplated transaction, especially one that involves a substantial sum, it is best to consider the potential hidden costs. For assistance analyzing the potential tax liabilities involved in any upcoming business deal, contact us today.
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