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My question is regarding Goodwill sales income vs. Covenant
Hello, my question is regarding Goodwill sales income vs. Covenant Not to Compete income. Can money received for Covenant Not to Compete be amortized for tax purposes or does it have to be declared fo… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,443 satisfied customers
A seller of a business (hair loss remedies) has no assets.
A seller of a business (hair loss remedies) has no assets. Would it be correct/ok to allocate the entire sales price to "Goodwill"?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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We are selling our S corp small business in an asset deal
Second opinion] Hello. We are selling our S corp small business in an asset deal and was wondering what out tax consequence would be. There is 25k left of depreciation on the assets. Sale price of aro… read more
PDtax
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I'm trying to determine if the sale of goodwill as part of
I'm trying to determine if the sale of goodwill as part of the sale of a business (asset sale) is taxed as capital gains or ordinary income? … read more
Stephen G.
Stephen G.
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Bachelor's Degree
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A dentist is purchasing a dental practice for 500,000. The
A dentist is purchasing a dental practice for 500,000. The seller wants 300,000 allocated to Goodwill & 200,000 to Equipment. The buyer initially proposed 150,000 to Goodwill, 150,000 to the Patient L… read more
PDtax
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Client sold the business and was paid for a Restrictive Covenant
I have a client that sold their business and as part of the agreement was paid for a Restrictive Covenant not to compete. Can an argument be made to pick the income up as ordinary income but not have … read more
Dr. Fiona Chen
Dr. Fiona Chen
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I am selling and LLC (service business) with about 60k in
I am selling and LLC (service business) with about 60k in hard assets. The sale price will be 550k. How do I value the non-compete (is it an asset?) and 'blue sky' (is that goodwill)? What is the best… read more
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In the sale of an LLC, amounts attributable as goodwill
In the sale of an LLC, amounts attributable as goodwill would be taxed as a capital gain, and amounts received as non-compete clause would be ordinary income. Is that correct? Also, the sale of fully … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I need to report the sale of a medical practice (an s-corp), Sales price $150k. Agreement
I need to report the sale of a medical practice (an s-corp), Sales price $150k. Agreement provides the allocation as follows: Fully depr equip $12k, Supplies $1k, Goodwill/patient list $50k, and final… read more
PDtax
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Master's Degree
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We are selling a small coffee roasting business. We put in
We are selling a small coffee roasting business. We put in $20k and will receive $30k. We are okay with a non compete un benownst to the buyer. How much of $30k should be allocated to sell price? What… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,595 satisfied customers
We are acquiring an S-Corporation based in PA. There are
We are acquiring an S-Corporation based in PA. There are assets and goodwill involved. I require guidance as to the specifics on the allocation of the purchase price and the tax consequences of the de… read more
PDtax
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Master's Degree
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I have an S Corp and am selling all my assets. So contract
I have an S Corp and am selling all my assets. So contract is basically sale of goodwill and FF&E. Does FMV come into play when computing the gain on the FE&E. The broker's CPA said that no taxes woul… read more
Lev
Lev
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Bachelor's Degree Equivalent
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How to allocate price in selling a small software business? I
How to allocate price in selling a small software business? I sell self-written mobile software online. Now a buyer approaches me for buying everything about the software with 200K. There is no tangib… read more
R. Klein, EA
R. Klein, EA
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I am planning on selling a software business. I am confused
I am planning on selling a software business. I am confused on whether the payment can be claimed as capital gain ( long term). Three years ago I wrote a software and gave it to my father. My father s… read more
Lev
Lev
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Bachelor's Degree Equivalent
42,443 satisfied customers
I am selling my sole proprietorship. Most of its value is
I am selling my sole proprietorship. Most of it's value is in internally generated goodwill. Will the sale of goodwill be taxed a capital gains rates?… read more
Lev
Lev
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Bachelor's Degree Equivalent
42,443 satisfied customers
Im selling a business with $350,000 allocated to building
I'm selling a business with $350,000 allocated to building , equipment & land and $200,000 allocated to good will ,no compete, furniture , and leasehold improvements (50,000) per). For income tax and … read more
Lev
Lev
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Bachelor's Degree Equivalent
42,443 satisfied customers
I created S-Corp in 1999 for a retail business, and have always
I created S-Corp in 1999 for a retail business, and have always been the sole shareholder; it was never a C-corp. I am contemplating asset sale, where allocation of price will be to fixtures/equip, in… read more
MequonCPA
MequonCPA
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Master's Degree
2,290 satisfied customers
Issue cropped up in negotiating sale of stock, and ...
Issue cropped up in negotiating sale of stock, and exisiting team w/non-competes. If Buyer assigns value of intangibles as 95% of deal, is Seller forced to forgo capital gains rates and accept 95% of … read more
Lev
Lev
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Bachelor's Degree Equivalent
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