EP 69: Tax Issues to be Aware of When Selling Your Business, with Roman Basi, The Center for Financial, Legal, and Tax Planning, Inc.

Noted business attorney and CPA Roman Basi joined host Ed Mysogland on this edition of the Defenders of Business Value Podcast to discuss tax considerations when selling your business. Roman discussed some myths involving taxation in a business sale, when to use a 338(h)(10) election, which recategorizes a stock purchase as an asset purchase, tax-free reorganizations and the circumstances in which they're used in the sale of the business, and much more.

The Center for Financial, Legal, and Tax Planning, Inc

The Center for Financial, Legal & Tax Planning, Inc. has offices in Illinois and Florida with satellite offices around the United States.

They initiate and develop ongoing relationships with national and regional trade associations, closely-held/family-owned companies, and individuals. Their work follows through the entire project; they analyze each situation, make recommendations, and implement them.

The Center provides a completely unbiased approach to solutions for their clients. Core competency is Business Valuation, Succession Planning, Tax Planning, and Buying and Selling closely held companies.

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Roman Basi, President, The Center for Financial, Legal, and Tax Planning, Inc.

Roman Basi is the current President of The Center for Financial, Legal & Tax Planning, Inc. Roman is an Attorney, a CPA, a Managing Real Estate Broker, Title Insurance Agent, and an instrument rated private pilot.

Roman is also one of the Tax Course Instructors for the Internal Revenue Service’s Annual Filing Season Program for Tax Return Preparers throughout the United States.

Roman is admitted to practice in Illinois, Florida, Arizona, Missouri, Federal District Court of Illinois Southern District, the United State Court of Appeals for the 7th Circuit, and Roman is also admitted to practice in the United States Supreme Court being sworn into the highest court in the summer of 2015 in front of all 9 Supreme Court justices.

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Ed Mysogland, Host of Defenders of Business Value Podcast

The Defenders of Business Value Podcast combines 30 years of exit planning, valuation, and exit execution working with business owners. Ed Mysogland has a mission and vision to help business owners understand the value of their business and what makes it salable. Most of the small business owner’s net worth is locked in the company; to unlock it, a business owner has to sell it. Unfortunately, the odds are against business owners that they won’t be able to sell their companies because they don’t know what creates a saleable asset.

Ed interviews battle-tested experts who help business owners prepare, build, preserve, and one-day transfer value with the sale of the business for maximum value.

Ed is the Managing Partner of Indiana Business Advisors. He guides the development of the organization, its knowledge strategy, and the IBA initiative, which is to continue to be Indiana’s premier business brokerage by bringing investment-banker-caliber of transactional advisory services to small and mid-sized businesses. Over the last 29 years, Ed has been appraising and providing pre-sale consulting services for small and medium-size privately-held businesses as part of the brokerage process. He has worked with entrepreneurs of every pedigree and offers a unique insight into consulting with them toward a successful outcome.

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