AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question I am a restaurant franchise owner and I am planning to marry a man who also owns restaurants in the same franchise. I am selling my restaurants so that I can move to be with my future husband. We will be doing business together. How can we merge our business money together without creating a taxable event for either one of us?
Answer Kimberly,
A 1031 is an exchange. You exchange your property for like kind property. If you receive cash, it voids the tax exemption.
In order to avoid creating a taxable event, you must exchange your restaurants for like-kind property. You cannot sell your restaurants and invest the proceeds in your future husband's business and avoid taxation on the sale.
