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I am ready to sell my medical practice to my son. Can you tell me the best way to handle this from a tax perspective?

Sale of Business
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John Dundon, II EA
This is a relatively complicated question with many variables and I am not entirely sure how to provide a reasonable answer without having more details. Depending upon how your medical practice is structured - corporation or partnership - there are a broad array of options to consider. Generally speaking without knowing more detail I am a proponent of selling the individual assets to your son after he has established a new entity and closing down the existing entity.
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