My mom, at 69, decided to sell her franchise business. She sold it to another franchise owner in the area. She decided to sell it for some money up front, and for some money over time with a series of planned payments with no interest.
Enter the IRS.
They have told her that since she didn't charge interest, they will figure out how much interest she 'should' have charged and tax her on this 'income'.
Say what? Is there any way to combat this?
The mises.org motto keeps running through my mind for some reason...
Jay Mackey
P.S.
I've considered claiming a deduction for five or six children that I 'should' have had, but didn't.
Then maybe I can also write off the losses that I 'would' have had if I'd only had a business...