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Tax Planning When Preparing to Sell A Business (Update)

(202 reviews)

Produced on November 15, 2019

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$ 89 Tax and Business, Corporate, & Securities In Stock
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Course Information

Time 1h 2m
Difficulty Intermediate
Topics covered in this course: Tax Business, Corporate, & Securities

Course Description

Assisting a client with selling their business can be a complicated task - add in the tax consequences that they may be facing and you may be in over your head if you are not familiar with the process and the planning that needs to take place. 

Roman A. Basi, who is an attorney, CPA, registered real estate broker, and President of The Center for Financial, Legal & Tax Planning, Inc., presents the fundamental concepts of selling a business with real case examples of the strategies that are used to help minimize the tax implications to business owners across the U.S. 

This lecture explains in detail the structure of the transaction of selling or transferring a business and how best to minimize the tax liabilities that are created. Roman also provides different methods that can be employed to defer taxes, protect interests, and ultimately advocate for the best possible position for your client.

Learning Objectives:

  1. Examine the different corporate structures and how they play a role in planning for the sale or transfer of a company (S Corporation vs. C Corporation vs. LLC vs. Disregarded Entity)
  2. Identify the different methods of how to transfer a business (asset sale vs. stock sale vs. various mixed methods)
  3. Become familiar with installment sales and tax deferrals
  4. Discuss the different classification of taxes that will apply (ordinary income/capital gains/recapture)

Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .


Roman Basi

The Center for Financial, Legal & Tax Planning, Inc.

Roman Basi, raised in Southern Illinois, began his working career at a young age umpiring little league base-ball games. He spent his teenage and college years working for his father’s varied business interests. These experiences helped develop his future interest in helping small business owners fulfill their business and succession plans.

He graduated from Millikin University obtaining a Bachelor’s of Science Degree with a minor in Psychology. After receiving his degree, he continued his studies earning an MBA from Southern Illinois University with an emphasis in Accounting. He continued on to law school receiving his JD (law degree) from Southern Illinois University. He is a licensed attorney in Illinois, Missouri, Florida and Arizona. Roman is also admitted to the United States District Court for the Southern District of Illinois, the United States Court of Appeals for the 7th Circuit, and admitted to practice in the United States Supreme Court.

Roman is also a licensed Certified Public Accountant (CPA). Roman is also a licensed Managing Real Estate Broker in Illinois with Heartland Realty & Rentals, Inc., a licensed Real Estate Sales Associate in Florida, a licensed Title Insurance Agent with ATG Fund, Inc. and a licensed Private Pilot with an Instrument Rating.

Over the past several years, Roman has worked on many business transactions and has lectured to various regional and national audiences throughout the country, including extensive work in the continuing education field for Attorneys and CPA’s as well as providing the education necessary for the Voluntary Tax Return Preparer Registry with the IRS. From these venues he has personally met and worked with business owners through-out the United States. He is President of The Center for Financial, Legal & Tax Planning, Inc. (DBA Basi, Basi & Associates) and is in high demand by business owners for his expertise in financial, legal and tax matters.

Roman has been published in the following publications: The Illinois State Bar Association Section on Federal Taxation, Productivity, Agency Sales, Industrial Distribution, Supply House Times, Distributor Link and the I.D.A. Management Journal.

Roman enjoys working with his father and with their national clientele. He is responsible for many of the legal contracts produced by The Center for Financial, Legal & Tax Planning, Inc. His areas of expertise include mergers and acquisitions, contracts, real estate law, tax and estate planning.

Roman is very active in his local community and is a member of numerous associations, and Boards of Directors and has served on various committees. He currently serves on the International Business Brokers Association Education Committee. He participates in the Illinois Department of Transportation Adopt-A-Highway Program. Roman is also a current member of the Arizona, Florida, Illinois and Missouri Bar Associations, the American Institute of CPA’s (AICPA) as well as a past member of the National, Illinois, Florida, Sarasota and Egyptian Boards of Realtors. He has previously served as a member on the Illinois State Bar Association’s Federal Taxation Section Council Committee, Director for the Illinois Association of Realtors, Officer and two term President for the Egyptian Board of Realtors, Director for the Marion, Illinois Chamber of Commerce, and volunteer for the Women’s Center of Carbondale, Illinois.

Roman and Brandi, his wife of 20 years, have two children: Marissa (18) and Alexis (16). They reside in Marion, Illinois. He enjoys spending time with his wife, attending his daughters’ various activities, playing golf, flying a 1982 Piper Saratoga and is an avid St. Louis Cardinals’ and Tennessee Titans fan.


Gary R.

Good instructor

Michael F.

Expert expert expert!!

Robert E.


David D.

This father-son team is outstanding.

Timothy F.

Outstanding presentation. Provided so much solid information in only 60 minutes.

George B.

This is one of the best CLE presentations I have ever seen, on LawLine or anywhere else--solid and useful information. Thank you for sharing it.



Scott M.

Lots of useful stuff, more than I realized there might be, coming from a fellow attorney/RE broker

Jay M.

Would love something comparable on LLCs

william f b.

Excellent one hour summary

Joshua M.

Extremely practical and holistic view of legal and financial issues associated with the sale of a business. It is very hard to get this POV from most attorneys or law firms!

Roger B.

Excellent CLE! The best I have seen on Lawline.

Amy A.

Excellent presentation and speaker

James J.

Most excellent!

Joseph M.

Very good presenter and presentation on a complex subject

daniel w.

thank you!

Wallace S.

Another excellent presentation by Roman Basi

Cory R.

Excellent presentation!

Anthony B.


John D.

terrific speaker

Blair L.

Very interesting tax-planning strategies for small businesses.

Philip M.

The best presenter I've seen on Lawline. Very informative.

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