G enerally, the transfer of property incident to divorce is a nontaxable event (Code �1041). However, the redemption of stock in closely-held corporations and the transfer of nonqualified stock options may trigger income tax to one of the spouses. Attorneys who handle divorces should be aware of the tax consequences of certain aspects to property settlements.
May 30, 2002 at 12:00 AM
1 minute read
Generally, the transfer of property incident to divorce is a nontaxable event (Code �1041). However, the redemption of stock in closely-held corporations and the transfer of nonqualified stock options may trigger income tax to one of the spouses. Attorneys who handle divorces should be aware of the tax consequences of certain aspects to property settlements.
Closely Held Corporations
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