The founder of a risk management services company can’t avoid a Massachusetts income tax bill of more than $300,000 on his sale of shares of the company, a state tax board ruled.
Craig Welch moved to New Hampshire from Massachusetts in 2015, months before he sold off his shares in AcadiaSoft Inc. for $4.74 million. Although such a stock sale wouldn’t normally be taxable, Massachusetts may tax it if the gain is related to the taxpayer’s compensation for services, the Massachusetts Appellate Tax Board ruled in an opinion released Friday.
“This was not a passive ...
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