I'm in the process of being pushed out of a business I co-founded (a US Corporation), and have decided to settle for $90k. $70k is them buying out my shares, and $20k will be to repay money I lent the business several years ago, which was never properly documented.
The sale agreement is for the whole $90k for them to buy my shares, and a separate accord terminates the loan.
Obviously I want to minimise the capital gains tax and not pay it on the whole $90k - is it possible to offset the 'cancelled' loan from the CGT? (Being that it's US and not UK based.)