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I sold my business i have only received 357500 out of the
I sold my business i have only received 357500 out of the 500000. all put $5000 was allocated to Goodwill and a non-compeat clause. Do I put this on 4797 on my 1065 … read more
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We've always done a joint filing , mine being from my contracting biz. the expenses for this have always been broken down for supplies , advertising, office expenses, utilities etc. This past year I d… read more
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How do i handle real estate development housing tract from
How do i handle real estate development for a housing tract from an accounting stand point...when I capitalize the purchase of land,,infrastructure costs etc and then as I sell all the houses how do i… read more
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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
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Client sold his business. Sale price exceeded basis in
Client sold his business. Sale price exceeded basis in assets being sold. There is a note on the business that will not be sold and is the responsibility of the seller. How does this figure into the c… read more
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A client bought a business from his father 3 years ago for
A client bought a business from his father 3 years ago for $1, and we have never depreciated anything because of the $1 sale. Now, the son has sold the business (an older pizza shop) for 35k. He got 1… read more
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My business is closing today. We are an LLC, with two partners,
My business is closing today. We are an LLC, with two partners, and we are the sole employees of the business. It's a sandblasting business and the partners are my brother and me. Our shop is housed o… read more
R. Klein, EA
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How do you determine a sole shareholders basis or corporations
How do you determine a sole shareholders basis or corporation's basis in "Goodwill" in a S Corp.??? A "S Corp." is selling all of it's assets and has a A.A.A. account of over $500,000. If "goodwill" i… read more
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EQUIPMENT THAT IT IS PURCHASED IN A CORPORATION AND PAID WITH
EQUIPMENT THAT IT IS PURCHASED IN A CORPORATION AND PAID WITH CORPORATION MONEY, WHEN I PREPARER A BALANCE SHEET IT GOES IN CAPITAL STOCK SECTION?… read more
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We bought a restaurant in 2011 for assets amounting to $66,000.
We bought a restaurant in 2011 for assets amounting to $66,000. We sold the business on 12/31/11 (after a substantial operating loss) for a note amounting to $100,000 which was immediately deemed unco… read more
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S Corp has asset sale of equipment and client base. Client
S Corp has asset sale of equipment and client base. Client base $50,000, equipment $25,000. Consider equip fully depreciated to make this easy for me. The company that purchased the assets paid direct… read more
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Am I allowed to deduct all depreciation amounts claimed in
Am I allowed to deduct all depreciation amounts claimed in previous years to offset equipment sold where a 179 was claimed 7 years ago?… read more
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Are loans treated as expenses for corporate tax purposes.
Are loans treated as expenses for corporate tax purposes. For example, if a company earns $100K in a given year and $60K is used on payroll, rent, cost of goods sold, etc. and $30K is used to pay back… read more
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I have a small net loss on my small business this year. I
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Late last year I closed a small construction business that
Late last year I closed a small construction business that rarely made any net profit. In the end, I was able to sell off just enough assets to pay off my bank loans, but am still paying off vendors o… read more
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I have a tax client who built a house in 2005 and his ...
I have a tax client who built a house in 2005 and his expenses are in 2005 but he sold the house in 2006. How can I wait till 2006 to count the expenses for building the house?… read more
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I purchased three separate but adjacent tracts of land ...
I purchased three separate but adjacent tracts of land (lots A, B, and C) on one deed in 2001 for $292K (total). Lot A has my home on it. I then sold lot C in 2006 for $100K. I do not intended to sell… read more
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We have a small home based business involving training and ...
We have a small home based business involving training and selling horses. 3 years ago we bought a horse for 50,000. During that year we claimed only expenses spent on the horse on our taxes. We did n… read more
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