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If a business has closed and the only assets transferred to
If a business has closed and the only assets transferred to the buyer were inventory,and goodwill, how do I fill in the final 1120? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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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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I have sold business with the following allocation total
Sir I have sold business with the following allocation total =1,180,000 Land 450,000 Building 525,000 FFE =120,000 Goodwill 84,000 Inventory 1,000 I have question regarding the goodwill it was not pur… read more
Lev
Lev
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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
Lane
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I sold my business for 500k.in 2015. 5000 was allocated to
I sold my business for 500k.in 2015. 5000 was allocated to equipment, 10000 was allocated to non-compeat clause and 485,000 was in goodwill. I received 357500 of the 500000 due to me in 2015. the rema… read more
taxmanrog
taxmanrog
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Sold my business. With the buyer, allocated the purchase
Sold my business. With the buyer, allocated the purchase price between, Inventory, Furniture/Equip and Goodwill, (which was the bulk). Now doing my tax return. I don't know how / where to report the d… read more
Phillip B, EA
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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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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
Lev
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we sold our S-corp (a service business) in an asset sale.
we sold our S-corp (a service business) in an asset sale. For example purposes, we sold the for $1,050,000 ... with $50,000 allocated to Class V assets and $1,000,000 allocated to Class VI & VII asset… read more
Lev
Lev
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. An S-corporation sold a distribution route in 2014
Hello. An S-corporation sold a distribution route in 2014 in an installment sale. No tangible assets exchanged hands. How are the proceeds treated for tax purposes?… read more
Lev
Lev
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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
Lev
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I have a client who just sold his S-CORP that included the
I have a client who just sold his S-CORP that included the following items: 1) Trade name for $40,000 2) Covenant not to compete--Member 1 $5,000 3) Covenant not to compete--Member 2 $5,000 4) Covenan… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I just sold a small business in installment over eight years. Do
I just sold a small business in installment over eight years. Do I have to pay the capital gain tax all in this year or spread over eight years?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have an S Corp and am selling all my assets. So contract
I have an S Corp and am selling all my assets. So contract is basically sale of goodwill and FF&E. Does FMV come into play when computing the gain on the FE&E. The broker's CPA said that no taxes woul… read more
Lev
Lev
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Bachelor's Degree Equivalent
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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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Bachelor's Degree Equivalent
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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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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 cannot seem to get proper advice on how to deal with the
I cannot seem to get proper advice on how to deal with the sale of my small business in regard to the tax forms i need to file. I have talked to two attorneys and one CPA & got different advice from e… read more
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