03.18.2021
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03.18.2021
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General News
Bob Mahon was quoted in the Tax Notes article, "Transfer Taxes on Sales of Businesses Can Trap Unwary, Tax Panel Says," regarding being a panelist at the American Bar Association/Institute for Professionals in Taxation's virtual seminar.
During a March 16 panel at the American Bar Association/Institute for Professionals in Taxation's virtual seminar on sales and use tax, Bob said the nature of the asset—intangible, tangible, or real property—that the target owns is often critical to understanding the magnitude of transfer taxes in asset sales.
Bob said that tangible personal property can drive sales tax liability and real property can often drive real property transfer tax liability. He added that one challenge with mergers and acquisitions is that some types of property may not seem relevant to a person who isn’t well-versed in taxes. He gave the example of fixtures, which can be considered real property and subject to real property transfer taxes in some states.
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