alanm22
Level 1
12-07-2019
05:28 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client that sold his QBS under section 1202. The sale was for $6.5mil with a basis of $250k. I was under the impression that the gain would be excluded by 50%. So taxes would be paid on $3.125mil. In doing more research I see that there is a $10mil and $5mil exclusion on section 1202 gains. Can any help me out? Is it the 50% exclusion or is it $10mil or $5mil?
Best Answer Click here
Labels