Allright, here's the situation.

I worked for a company that was sold in 2012, Dec 31st. As part of our buyout, the owner built some retention bonuses into the buyout, where if we stayed a certain amount of time, we would receive income from the new company. It was structured that if anyone on that "bonus" plan left before the time period was up, then the former owner of the company would receive that money that was owed to the employee. It was his money that was owed that he built into the buyout for that purpose. We were to receive 20% of the money Jan 1, 2013, then 20% Dec 31, 2013 and the final payment would be Dec 31, 2014.

Here's the tricky part and the questions I have. I stayed on with the the new company until March of 2013. I received the the first two 20 percent payments.

The former owner still owns the corporation that was purchased, but that corp forfeited its right to do business. There have been a few people, including myself that left before that final payment. I have a verbal agreement with the owner, who is now a business partner of mine in a completely different corporation, that if I left early, he would still give me 60% payment that was due to me at the end of this year.

Now the question is, what is the best route for him to take to give me that money. The new company will pay him (the old corp actually, not him personally, but he was 100% owner) and he believes it will be paid to him as a capital gain.

The concern of course is him being presented a taxable event, and then him gifting that to me and then I would be double-taxed on that money? My accountant says it can be done because the government can only tax it once.

Advice and thoughts welcomed