Thank you for your help; need to decide before 12/31 and accountant is on vacation.
If someone sells 100% of his/her shares in an S-Corp effective 1/1/18 and elects to be paid over ten years in equal installments, when and how do the capital gains tax liabilities hit?
This person is looking at a $15k increase in value over her basis. Does the $15k hit as a lump sum in the 2018 tax year or in ten yearly increments relative to the date of respective redemption payments?
Also, where does these capital gains appear on a tax return? Same place as if the person sold Apple stock in a brokerage account for a gain?
Thank you so much.