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Navigating the Tax Rules Pertaining to Sale/Transfer - State Bar of ... - sdbar

Navigating the Tax Rules Pertaining to Sale/Transfer - State Bar of ... - sdbar 2025

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The document provides a comprehensive guide on the tax implications and considerations involved in the sale or transfer of limited liability company (LLC) interests, partnership interests, and business assets. It outlines key topics such as recognizing gains and losses, structuring sales as asset or entity sales, negotiating purchase price allocations, and payment terms. The primary focus is on minimizing tax liabilities for both buyers and sellers while ensuring compliance with IRS regulations. The document serves as a resource for legal practitioners to navigate complex tax rules effectively.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can a person be sales tax exempt?

Customer Exemptions: Specific types of customers are exempt from paying sales tax on their purchases. Depending on the state, these may include government entities, non-profits, and schools, to name a few.

What is a tax levied by federal and state governments on the sale and transfer of items like air travel telephone services and gasoline?

For faster processing, electronically file Forms 720, 2290 and 8849. Excise taxes are taxes imposed on certain goods, services, and activities. Taxpayers include importers, manufacturers, retailers, and consumers, and vary depending on the specific tax.

Who are exempt from taxes?

You generally dont have to pay taxes if your income is less than the standard deduction or the total of your itemized deductions, if you have a certain number of dependents, if you work abroad and are below the required thresholds, or if youre a qualifying non-profit organization.

Who needs a sales tax license in South Dakota?

Sales tax license (ST): A South Dakota sales tax license is required if your business sells, rents, or leases any kind of tangible personal property, products transferred electronically, or provides any kind of service.

Who is exempt from sales tax in South Dakota?

Some customers are exempt from paying sales tax under South Dakota law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.

How do I charge sales tax for out of state customers?

To summarize, businesses that sell to customers across state lines are generally only required to collect and remit sales tax in states where they have nexus. Sales tax nexus can be established through physical presence, economic activity, referrals originating in the state, and ties to in-state affiliates.

What is the state of Texas sales tax laws?

Texas imposes a 6.25 percent state sales and use tax on all retail sales, leases and rentals of most goods, as well as taxable services.

What services are exempt from sales tax in South Dakota?

Ambulance/Volunteer Fire Departments Membership organizations such as the YMCA, YWCA, Boy Scouts, Lions Club, or Jaycees are exempt from sales tax on gross receipts from sales of services made by them and from the sale of their membership fees.

Navigating the Tax Rules Pertaining to Sale/Transfer - State Bar of ... - sdbar 2025

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