We need way more information than has been provided:
- Entity type
- Type of sale; asset, stock
- Was there a purchase agreement
- What type of assets were in the business
- Any covenant not to compete involved
- Most likely additional questions will come up as information is provided
- Finally, it may be in your best interest to have a one on one with a tax professional at some point
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
