Should I incorporate my private businesses to Sale an asset of the corporation for less capital gains tax?

Question

Lets say I own a gas station, a Grocery store, a laundry mat and a auto shop. All are owned by me and put into family trust for my children. Lets say I want to sale the Gas station and want the least Capital gains taxes paid after the sale, but maybe purchase some business or property that is not a gas station the same year and put it into the corporation. Should I incorporate then sale the asset? Would I save on the Tax rate if I purchase another income asset and put it into the corporation? Can residential properties being rented or lived in be part of the LLC and if I sold the asset will the tax liability be the same in regards to capital gains between a private business or corporate?

Answer 1

Talk to a local tax preparer as there are too many variables to determine what is best for your situation.  You probably will also want to talk to an attorney to talk about the legal side of things.