January 13, 2022 - Since the statute of limitations has yet to run on using this greeting, let me start off by wishing all our faithful readers a very "Happy New Year!"
Some EXCEPTIONALLY exciting news to impart to you out of the box, to wit:
MetLife Expands SIS Program
After successfully piloting its Structured Installment Sale (SIS)
program in a limited capacity and geographic area a little more than a year ago, MetLife just announced that it is formally extending availability of this tax-deferr
ing option for use in all states (except New York) plus the District of Columbia and Puerto Rico.
For those unfamiliar with this concept, a structured installment sale permits sellers of qualifying appreciated assets (businesses and real estate typically) to receive their sales proceeds in guaranteed payments over time which protects their profits, defers taxes until payments are received, and is backed, in this case, by the financial strength of Metropolitan Tower Life.
If you follow our firm, you know we have been active advocates of structured installment sales for nearly two decades. (I placed my first structured installment sale in 2005) I have written about it (more on that in a minute) and have conducted live seminars and online, COVID-compliant webinars for realtors, investor groups, and organizations geared towards helping clients sell their businesses more tax-efficiently.
But when MetLife introduced its pilot program, we were downright giddy with excitement at the prospect of helping people benefit from this tax deferral strategy. People contemplating selling their businesses and real estate using the installment method could now do so with the transaction backed by one of the most well-capitalized financial institutions in the world.
Since then, we have successfully helped a number of clients in CA (one of the pilot states) defer recognition of capital gains when selling their businesses and property.
I'm Published in The CPA Journal