LOI language for a Forgivable Seller Note

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November 17, 2022

by a searcher from Northwestern University - Kellogg School of Management in New York, NY, USA

Does anyone have LOI language for a Forgivable Seller Note you are willing to share? I would love to review 'SBA approved' Forgivable Seller note examples. Thank you.

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Reply by an intermediary
from Pepperdine University in Portland, OR, USA
I'd suggest talking with a good tax attorney. Generally when loans are forgiven outside of a bankruptcy reorganization the amount that is forgiven can be considered "debt forgiveness income" by the IRS and may be taxable.
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Reply by a lender
from Urbana University in Columbus, OH, USA
An attorney experienced with M&A and SBA transactions is best to opine on this question.
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