miatax Posted June 20, 2008 Report Share Posted June 20, 2008 I should know this off the top of my head, but with my other jobs I can't recall now... I have a client who may sell his share in a privately owned US corporation with 3 shareholders (1 of which is him and he receives salary for daily operations) to a company in the U.K. How is he taxed when he sells his share? Cap gains or ord income rates? What are the rates for 2008? (I am not sure since he also works for the company he may sell). Thank you. Quote Link to comment Share on other sites More sharing options...
Elrod Posted June 20, 2008 Report Share Posted June 20, 2008 miatax, Hear are a couple of places I would look. You may find them helpful. http://www.irs.gov/faqs/faq-kw185.html http://search.irs.gov/web/query.html?col=a...search%27%29%3B Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted June 20, 2008 Report Share Posted June 20, 2008 Most likely it is going to be a Sch D capital gain sale, but you may have some work to do to calculate his basis in the stock. Of course, what percentage he owns of the total might make a difference also, if it's a Sub S corp. Quote Link to comment Share on other sites More sharing options...
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