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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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The deal is for $360k. the allocation price is $60k for

Customer Question

The deal is for $360k. the allocation price is $60k for assets and $300k for goodwill. How can I report this transaction in 1120s and 1040 return. THE BOOK VALUE OF THE ASSETS IS 105K.
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from Just Answer. I'mCustomer I'll assist.
Expert:  PDtax replied 1 year ago.
I'll need more information about the transaction, and the split of 1040 and 1120, to advise. I'll post an Offer of Premium Service for the extra time. Accept, and we can work on this later today.