Which means we must carry the note. Under the old rule, we could spread whatever capital gains we realize over the life of the note. As an accrual method C-Corp, we now have to pay that tax in year one. I do not know of anybody capable of paying enough cash up front to cover the tax we would owe, let alone the other costs involved. That means it would cost us money to sell our business.
Gene has two children in college.
My daughter starts next fall. We can't afford to go an entire year with negative income. So, unless we can find someone who can pay cash or can get a loan, we can't sell our business. My future plans are dictated not by our hard work and the economy in Upstate New York, but rather by a tax provision proposed by the Clinton Administration. My retirement plans have been in the making for twenty-five years.