All Forum Posts by: Scot Leavitt

Good advise on the small business stock exclusion, thank you. We do intend to choose experts in the field of setting up qualified opportunity fund and guiding us in the Florida market. Its our understanding that a C Corp can be sold two ways (stock or asset). We were being steered down the asset sale path. Reason given was a concern of the possibility of a future liability issue that could arise from something in the past such as a sexual harassment case. We recently suggested that we would take responsibility and get an insurance policy for any past liability issues that could pop up.  Thank you!

I am in the process of selling my C corporation. As it stands I would be tax at the corporate level 21% then the proceeds will flow to me as capital gains. I would then be taxed another 20% totaling 40%. Is it possible to directly invest the proceeds into an opportunity zone before paying corporate tax? if so and I hold the investment for ten years I get the 15% tax benefit on the original investment and don't pay any tax on the gains above the original investment amount? This would effectively be 25% tax on the gain not a 40%.

My intent is to buy real estate such as multifamily home in an OZ. After making the necessary improvements to meet the OZ requirements I intend to earn income on the investment. I aloud to use that income personally, if I report it to the IRS and pay the going tax bracket rate on the rent income?