transfer of business - gift to child

[Taxquestions]

I am looking to gift my half of my business to my daughter. My sister and I own the business 50/50 split.If is possible transfer my half of the business to my child via gift? If so, what would be the tax penalties or ramifications of doing this. I am getting near the age of retirement. 

Thank you!

[Mike9241 · Accepted solution]

I suggest you confer with an estate planner. Gifting in some cases can produce the worst tax results should the business be sold later. There may also be other legal considerations othr than taxes.