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We sold our business breakdown as follows, Class 5, Class 6
We sold our business breakdown as follows, Class 5, Class 6 Non Compete, Class 6 Trade Name, Class 7 Goodwill. … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am selling my client list of my tax practice to another
I am selling my client list of my tax practice to another tax professional. We have had an office in home so the only thing that is being sold is the client list. We are shutting down my partnership, … read more
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Lev
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Sold the Business our S-Corp owns and was trying to make
Sold the Business our S-Corp owns and was trying to make sure I get the forms right of where I need to file the Goodwill and Assets, inventory … read more
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Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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S-Corp sold business assets to include advance payment,
S-Corp sold business assets to include advance payment, goodwill, and equipment; how and which form used to report … read more
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Lane
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We (a start-up) need to file our tax Form 1120. We're having
We (a start-up) need to file our tax Form 1120. We're having trouble with Line 20, which asks for "Depreciation from Form 4562", a form which requires us to determine the amortization of our software … read more
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Lane
JD, MBA, CFP, CRPS
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My wife and I sold our S-corp franchise business as an asset
My wife and I sold our S-corp franchise business as an asset sale. The sale price was divided among Class V, VI and VII assets (tangible property, non-compete and goodwill, respectively) which I have … read more
Lane
Lane
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Doctoral Degree
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This question is for Lane JD. I had a friend who asked me to
This question is for Lane JD. I had a friend who asked me to find some qualified employees for his sales organization, and was willing to pay a percentage of sale to the employee and a finders fee to … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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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
President
Ph.D.
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Considering Selling my trucking business ( Incorporated, S
Considering Selling my trucking business ( Incorporated, S Corp ). I am the sole owner. Have around 200,000 basis and looking to sell @ 1,200,000. Met with a very interested buyer. I will offer seller… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am selling a bakery business for $160K The APA agreement
I am selling a bakery business for $160K The APA agreement prepared for buyer allocates the sale of assets as $150K FF&E, $5K goodwill, $5K non compete covenant. Our bakery is owned by a single partne… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
I am doing an asset sale of my LLC. The equipment is worth
I am doing an asset sale of my LLC. The equipment is worth about 15,000 and the Good will i put as 90000.00 and the non compete at $25,000. Is that the best tax structure for me. Will all but the $15,… read more
Lev
Lev
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Bachelor's Degree Equivalent
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As part of an acquisition former owners will be paid a
As part of an acquisition former owners will be paid a non-compete over 3 years. They will also be employees of the acquirer. Are these payments includible in the W-2? Or is there a position to say th… read more
Dimitry Esquire
Dimitry Esquire
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I am a physician and paid $95K to get out of my non-compete
I am a physician and paid $95K to get out of my non-compete with previous employer and want to know how to deduct this cost on my taxes. Can I take the deduction all in 1 year, or over the length of t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
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
29,882 satisfied customers
Appropriate deduction for current year and specific question
Appropriate deduction for current year and specific question concerning the reporting of intangibles related to the acquisition of a business during the year. Information below Acquired the assets of … read more
Lev
Lev
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Bachelor's Degree Equivalent
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i am selling my c corp with a asset sell. the total sell price
i am selling my c corp with a asset sell. the total sell price is 1,30,000.00. the break down is inventory $360,000 furniture & fixtures $ 90,000 goodwill $580,000 i will be holding a moetgage for $25… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,942 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
CPA Firm Owner
Master's Degree
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Last year my corp bought the rights to software that we ...
Last year my corp bought the rights to software that we previously had been licensing. The terms were : 1. We were granted a shared copyright in the source code (that we modified) as of a certain date… read more
RD
RD
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Master's Degree
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