Leaderboard

I totally agree, if the current owner is your client, wouldn't you have to advise him to close the books on the date of sale. In fact, if the seller was my client I would write a CYA letter. The other big issue is "conflict of interest." There is no way you can advise both the seller and the buyers. The differences between an "asset sale" and a "stock" sale how the seller and the buyers will be effected could be quite dramatic!

The ownership changes section of the K1 works fine. It's been awhile since I've had one, but I don't remember having any trouble getting it right. I'm surprised the seller doesn't want to close the books. If the new owners increase income substantially, the seller will be paying tax on income he'll never receive. He'll get an offsetting basis increase on his capital gain or loss on the stock sale, in this example.

Reboot all hardware, including network gear. Run Admin Console. Call support if problem persists.