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Is there any way to minimize the capital gains taxes we would have to pay?

My company purchased an office building about 45 years ago for $5,000. The company is a sub-chapter S corp so everything flows through to the shareholders. The company has ceased operations about 10 years ago but is in existence still because it derives rental income from the building. We received an offer to purchase the building for $5,500,000. If we sell, there is very little basis obviously, because of the low purchase price. A 1031 exchange is not possible to defer the taxes.
Property, Sales & Use Tax
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William Keats
I do not think there is any way to minimize the capital gains tax upon sale. After all, you state that after 45 years there is not much basis left, if any. The depreciation taken will have to be added back as income on Form 4797. The only items that can increase basis is cost of improvements above and beyond the purchase price of the building. All depreciation would have to be added back here also.
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