Tax Tips and Traps: Charting a Path during the Sale of Business Assets

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Author: Jeremy Comeau and Kyle Ross

This paper reviews some fundamental asset sale tax concepts to help corporate lawyers understand the basic tax consequences that could arise from the sale. Topics include classification of property, depreciable versus non-depreciable capital property, drafting tips and traps, earn-outs and contingent considerations, restrictive covenants, common tax elections, and hybrid sales.

Comments focus on transactions involving a private corporation selling all the assets used in an active business carried on in Canada.

This paper is part of a collection presented at LESA’s Tax Law for Corporate/Commercial Transactions program in Calgary on October 17, 2019 and in Edmonton on October 28, 2019.

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