American HealthChoice, Flower Mound, Texas, said it sold its clinic in Katy (Texas) for $400,000 to the physician who operated it and previously had a 60% stake in the facility.
Of the proceeds, $300,000 will be paid to the Internal Revenue Service to satisfy remaining taxes from 2004 and 2005, according to J.W. Stucki, chairman and chief executive officer of American HealthChoice.
The medical services company said it is current in its 2006 and 2007 payments. According to Stucki, American HealthChoice will lose revenue, but not much net income in the deal. Located north of the Dallas-Fort Worth region of Texas, American HealthChoice has 49 other clinics in Texas and Tennessee. -- by Jessica Zigmond