I have been talking to an accountant about money from a sale of eminent domain property. The original sale was for $825K. This has always been a family corporation and not really involved with selling or buying of any property until now. We have purchased 3 homes for a total of $540K. We would like to refinance our original home through the corporation. Our accountant told us that if we used ANY of the money and did not invest it, we would be liable for a 35% tax penalty initially and then a 25% tax penalty on our own taxes. Is there any way to get around this? Is there anything "creative" we can do to avoid at least some of these taxes?

Thank you in advance for any and all help, momsgirl77