How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

The deal is for $360k. the allocation price is $60k for

Customer Question

The deal is for $360k. the allocation price is $60k for assets and $300k for goodwill. How can I report this transaction in 1120s and 1040 return. THE BOOK VALUE OF THE ASSETS IS 105K.
Submitted: 6 months ago.
Category: Tax
Expert:  PDtax replied 6 months ago.
Hi from Just Answer. I'mCustomer I'll assist.
Expert:  PDtax replied 6 months ago.
I'll need more information about the transaction, and the split of 1040 and 1120, to advise. I'll post an Offer of Premium Service for the extra time. Accept, and we can work on this later today.

Related Tax Questions