The court in Epley v. Ingber recently held that under income tax laws, proceeds from the sale of an asset are not considered taxable income except to the extent the seller profits from the sale. However, in determining whether the plaintiff-husband is a dependent spouse, the issue is whether he is without means to maintain his accustomed standard of living. Our precedent and competent evidence permitted the trial court to find that a pro-rated monthly portion of the sale of the husband’s business was an available means to maintain his accustomed standard of living. The court affirmed the trial court’s denial of the husband’s request for post-separation support.
Business Formation, Shareholder & Operating Agreements, Commercial Contracts, Employment Contracts, Company Policies & Handbooks, Business & Contract Disputes, Acquisition and Transfer of Assets, Financing Agreements, Protection of Trade Secrets and Trademark Infringement.GWAO Business August 10, 2014