Family appraisal business. Father would like to turn it over to son who has been employee of business. Business has been opperated as a sole proprietor - Schedule C. The only assets are office equipment with a FMV of $5000. He would like to just give it to the son. Questions:
Thank you,
He can. But it would be better to have the business appraised first. That way you can justify not paying gift tax if the value is under the exempt amount. If the value is over the exempt amount, you can sell it to him and forgive the payments as they come due.
The name is an asset of the company, so you can certainly transfer it to him along with other company assets. Stu
it would be a gift - at the fmv of the business would need to address gift tax issues
could keep the same name would need new ein
would need to check box on 941 & appropriate notification for state payroll taxes
need to determine the fmv of the business one thing would be goodwill ___________________________________
-----> real address on hobokeni or hobokenx
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