In The NewsLorne Saltman Quoted in The Wall Street Journal on Tax Consequence for Financial Advisors Selling BusinessesPublished: 06/02/2010 Lorne Saltman, Parter in the Tax & Trusts Group, was quoted in "PRACTICE MGMT CANADA: Dealing With Taxes In Selling Business," an article which appeared in The Wall Street Journal on May 28, 2010. The article discussed finding tax efficient strategies for retiring or exiting from a financial advisory business. Lorne commented on the tax consequence of accepting a recruitment deal that includes an upfront payment structured as a forgivable loan for an advisor selling a book of business to another firm. Lorne cautioned the adviser must ensure that the loan will be paid back. "If it's a disguised forgiveable loan that's actually income, you will be taxed," Saltman said. |