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How does the seller report goodwill created and sold in a
How does the seller report goodwill created and sold in a business sale? Do I use the same date to report both the acquisition date and the sales date? Is the sale of goodwill treated as long or short… read more
Lev
Lev
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I am selling a small service business and have to determine
I am selling a small service business and have to determine asset allocation for tax purposes. The sale of the business is 235k. Along with the sale I am including my routing program for which I own t… read more
Lev
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I sold my tax business this last summer. I received
Hi Stephen,I sold my tax business this last summer.I received $10,000.00 for assets and the remainder was for the client list (paid at 30% over 3 yrs) and GoodwillI believe the assets are reported on … read more
Lev
Lev
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Need to know how to report good will in sale of practice
Need to know how to report good will in sale of practice Acct # 74882 … read more
Lev
Lev
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I sold my business which was broken up between tangible
I sold my business which was broken up between tangible personal property and goodwill. How do I report this on the tax return and K1? … read more
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Me and mu husband are both over 65 yrs,i sold my medical
me and mu husband are both over 65 yrs,i sold my medical practice in November this year and the real estate was for $500,000 and the practice and contents were for $300,000,what deductions can we get… read more
Lev
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I have a client who is trying to sell s chiropractic medical
I have a client who is trying to sell his chiropractic medical practice. He has agreed to asset sale agreement and not a stock sale. That being said; let's say he has $50,000.00 in tangible equipment … read more
Lev
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If a person sells a business and all the proceeds are considered
If a person sells a business and all the proceeds are considered goodwill and going concern value, and no property is involved, are the proceeds taxed at capital gain rates and where reported?… read more
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I have a route business in California for sale. The sale
I have a route business in California for sale. The sale includes 200 air freshener machines to be serviced monthly on this route...they cost me $14.00 each new 3 years ago.(Total $2800.00)There is no… read more
Robin D.
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Hi Rachel - Where does the sale of goodwill created in a C
Hi Rachel - Where does the sale of goodwill created in a C Corp (not purchased) get reported? Form 4797? and what about sale of inventory? COGS section?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
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You just answered a question for me and part of your answer
You just answered a question for me and part of your answer is part of the selling price will be allocated to goodwill (the excess over SP less FMV of other assets being sold. How will the seller be t… read more
Lev
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I am selling my small business - a single-owner LLC - in Washington
I am selling my small business - a single-owner LLC - in Washington state. Tangible business assets (furniture, equipment, inventory) are less than 5% of the total purchase price. The largest asset is… read more
Megan C
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Hi, Thinking of selling a business where most of the money
Hi, Thinking of selling a business where most of the money I receive would come from goodwill and a smaller percentage would be equipment and furniture, there is inventory which won't have any gain or… read more
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I am planning on selling a software business. I am confused
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Reporting sale of business assets. I have an S-Corp and sold
Reporting sale of business assets. I have an S-Corp and sold my franchise and all assets, but kept my business open. I am trying to report the sale and am confused about what forms to use. I have fixe… read more
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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
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i am planning to sell my 20 year old small retail business
i am planning to sell my 20 year old small retail business by jan.1,2009. i do not understand capital gains tax and wonder how i should structure the sale, as far as the inventory and "goodwill" goes.… read more
Anne
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I just sold my business of 22 years - I received money ...
I just sold my business of 22 years - I received money for the inventory and about 2.5 times that amount for my files and records - I had a franchise -the business owed me about 30% of the total and I… read more
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