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Author: friendly111 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120807  
Subject: tax on business ownership transfer Date: 9/27/2000 9:55 PM
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Part of my negotiations for a new job I've taken is to own a percentage of the company (which is a very small corporation, until now owned by one person). The owner of the company is telling me that when I take possession of the shares he will give me, I'll need to pay taxes on the value of the shares. Is this correct? First of all, I'm not realizing any monetary advantage, which I thought was a criteria for taxes to be paid. Second, I don't want to pay taxes on the "guess" about what those shares are worth. When I leave the company and sell those shares back to the owner or to another party, I'll be happy to pay tax on that sale, but it seems I shouldn't have to pay anything until then.

Any advice is much appreciated. I really need to find a personal tax adviser, but haven't done so yet.
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