Financial Services Industry
Industry: Email Alert RSS FeedAgency Sale Tax Provision Must Be Repealed.(Brief Article)(Editorial)
National Underwriter Life & Health-Financial Services Edition, February, 2000
We were relieved to learn that a move is afoot in Congress to right a terrible wrong against agents and other small business owners. Bills are to be introduced in both the House and Senate to repeal a recently enacted tax provision, which, if allowed to stand, could severely cut the sale value of agencies.
The tax law in question bars accrual-basis taxpayers from deferring income from the sale of a business sold on an installment basis. It was slipped into the Ticket to Work and Work Incentives Improvement Act of 1999 last year without public hearings.
As reported by NU Washington Editor Steven Brostoff, the law would really throw a monkey wrench into agency sales. If an agency is sold on an accrual basis--for example, if an agency principal accepts...
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