Practical question - if you guys sold assets only did that qualify you for capit... | Hacker News

Hacker Newsnew | past | comments | ask | show | jobs | submit

		aresant on Feb 21, 2011 \| parent \| context \| favorite \| on: Selling Kiko: How Justin Kan sold his first YC sta... Practical question - if you guys sold assets only did that qualify you for capital gains on the sale or ordinary income tax?

emmett on Feb 21, 2011 [–]

Technically, we didn't sell the assets. The company sold the assets (income), then distributed the resulting cash to shareholders (capital gains). So the money got taxed twice, once for corporate income tax and once as capital gains.

zone411 on Feb 21, 2011 | [–]

So you were structured as C-Corp?

Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact