Tax Law
Last year I sold my intrest in a corp because my partner was playing games and holding money ( I found out later) any way I sold my stock for $2,000.00 and now he sends me a K-1 reflecting $ 140,000.00 of which I never recieved cent of. I owned 49% of the company now my taxes are around $ 50 k for last year. now what.
1 Answer from Attorneys
Re: Tax Law
There may be nothing you can do, but you should talk to a lawyer right away. (I assume you have no written agreement.) A lot depends on when you sold the stock and what tax elections were made.
This should have been dealt with at the time of the sale and now you have no leverage. The good news, at least, is that you will get an increase in the basis of your stock and an offsetting loss on the sale, but the character of the loss may make it a small consolation.
David K. Staub, an Illinois business and tax attorney
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