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IRS Publication 544 speaks to the dispositon of assets. Publicatioin 537 speaks to installment sales. Publication 4681 speaks to canceled debts, foreclosures and repossessions. Publication 4849 speaks to not being able to pay taxes you owe. These are all free at www.irs.gov. If you are a good study, they will help give you some general information. Tax professional will tie the tax implication knot for you, however, he may need to be guided by an attorney based on the facts and circumtances of your situation and other nontax issues. Good luck.

You really need to sit down face-to-face with your tax advisor so you can go back and forth in real time to explore your issues. Some starting questions for you to discuss would include why your partner is willing to accept a stock sale when an asset sale would be more beneficial and less risky (unknown liabilities, etc.) to him, why you're not selling him 1/4 of the stock each year, what are the terms of your non-compete, is your lawyer sitting in on your meetings, will his lawyer and tax advisor join you to work out the sales contract details, what other types of income you (and your spouse, if married) expect and what amounts over the next four years, what you will do if your soon-to-be-ex partner defaults, etc. Your tax advisor's questions will depend on your information to him and cannot be predicted in a vacuum. You can find lots of reading material online and in a good business library to bring you up to speed on the generalities. This is a site where tax professionals discuss tax issues among ourselves. As you said, no one can know everything, so we can get advice from and share with colleagues, especially those that use ATX tax prep software. Your tax preparer may be here. Do you really want him to think that you trust him so little that you had to start with other pros before him!

Amen! to all of that.

Spend the time you took to post here to locate a tax professional in your area who is knowledgable in this area. His experience and knowledge in this matter will be worth whatever he charges. Would you dictate to me, without cost, the best way to increase the flexibility of my network and the proper equipment to replace?

This forum is for tax professionals, my advice is for you to consult with one.

Don't worry about calling 911! My son's a fireman and they'd much rather a family member call them than injure themselves trying to do it alone. Next thing, KC, is for you to take care of yourself so you can take care of your husband. It's very, very important for a caregiver to arrange time (on a continual basis) to take care of yourself...be it a 24 hour break or whatever time you can arrange....your batteries have to be recharged which in turn will benefit both of you! Please know that you and your husband will be in my thoughts and prayers. Take care (usually say this...but I really mean for you to "take care of YOURSELF), Cathy