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If a company that purchased my company wants us to take
If a company that purchased my company wants us to take their inventory to sell and they consider the inventory a sunk cost do we need to make any payment to them as we sell the inventory or can they … read more
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We purchase technical equipment for our clients' projects. These items remain in our possession just long enough for us to configure and then install at our client's site.We're trying to determine whe… read more
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Dr. Fiona, I have a client that was given $15000 worth of
Dr. Fiona, I have a client that was given $15000 worth of inventory from a previous business owner. It is sand paper inventory. My client took it and has formed his own little business. Will his begin… read more
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I am trying to figure out the sale of a business on the tax
I am trying to figure out the sale of a business on the tax return. They paid $60K which was allocated $6500 for equipment, $43K goodwill and the rest of inventory. They sold the business less than a … read more
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I buy and sell cameras on Ebay. on 2017 I purchased more
Hi there, I buy and sell cameras on Ebay. on 2017 I purchased more items (all business related) than what I sold, meaning I have a loss for that year. Let's say that loss is $5000 for easy math. But t… read more
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I've had to closed my small business in 2015. From this
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My name is ***** ***** I sold my 1120s the sale was
My name is ***** ***** I sold my 1120s the sale was for all inventory, furniture, fixtures, equipment and machinery. The price is broke down as $50,000 and Inventory $13,765.17. Do I come up with a FM… read more
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I HAVE A CLIENT WHO SOLD S GROCERY STORE FOR $40000. THERE
I HAVE A CLIENT WHO SOLD HIS GROCERY STORE FOR $40000. THERE WAS NO INITIAL INVESTMENT. HE HAD ENDING INVENTORY OF $66000. IS THAT THE AMOUNT THAT I ENTER INTO FORM 8949 UNDER "COST OR OTHER BASIS"?… read more
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An asset sale of a business in new jersey not involving real
An asset sale of a business in new jersey not involving real estate. tangible assets sold are machinery and inventory. is there any sales tax liability on this transaction?… read more
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Taxpayer sold business, is there any cost allowed for the 3
Taxpayer sold business, is there any cost allowed for the 3 years the taxpayer put into build the business, goodwill and clientel? Can the accounts payable owed by taxpayer be deducted from the sales … read more
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I sold my business and understand that tax is due on the profit
I sold my business and understand that tax is due on the profit I made - the purchasers agreed to pay me x amount for the assets and the goodwill. In addition they agreed to take on x amounts of outst… read more
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We have just sold a sole proprietorship and need to know how
We have just sold a sole proprietorship and need to know how the non-compete agreement, customer list and goodwill are taxed. Are they ordinary income, which we'll have to pay social security tax and … read more
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I looking to start a small IT business. I created an LLC in
I looking to start a small IT business. I created an LLC in my state. I need approximately $10,000 to purchase equipment and hosting services. I can get this $10,000 by selling some stock that I own. … read more
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AS A SOLE-PROPRIETOR OF A BUSINESS FOR 15 YEARS IVE NEVER
AS A SOLE-PROPRIETOR OF A BUSINESS FOR 15 YEARS I'VE NEVER TOOK AN INVENTORY.NOW I'M PLANNING TO SELL MY BUSINESS I TOOK AN INVENTORY THE END OF 2009 AND FOUND I HAVE $17000 IN PARTS. HOW WILL THIS EF… read more
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I sold my business to someone else for $10,000. I did not
I sold my business to someone else for $10,000. I did not make a profit as I put it towards the loan- I still owe over $10,000 on the loan. (ie- it was a home equity loan that was kept seperate for on… read more
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I purchased a business which had a loan of $30,000 I put up
I purchased a business which had a loan of $30,000 I put up $45,000 in equipment as collateral I forfeited on the loan and lost the equipment. Would I have a loss of $15,000, $30,000 or $45,000?"… read more
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I make jewelry. Is my investment in the stones, ...
I make jewelry. Is my investment in the stones, beads, findings and other materials that I inventory to make pieces of jewelry tax deductible?… read more
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