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S CORPORATION SALE OF ASSETS AS FOLLOWS. GOODWILL 100000.
CLIENT LIST 100,000 COVENANT 2 FIXED ASSETS 10,000 BUSINESS WAS STARTED BY SOLE SHAREHOLDER NOTE FOR 50,000 ASSUMED BY SELLER REMAINDER IN CASH HOW IS THIS SALE REPORTED ON S CORPORATION RETURN AND SOLE SHAREHOLDERS RETURN. SELLER GREW BUSINESS FROM 0 TO CURRENT LEVEL IS THE GAIN FROM GOODWILL AND CUSTOMER LIST ORDINARY INCOME OR CAPITAL GAIN AT PERSONAL AND INDIVIDUAL LEVEL… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
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I'm selling my dental practice. Is the goodwill taxed as
Second opinion] I'm selling my dental practice. Is the goodwill taxed as long terrm capital gains in 2018 or as something else? … read more
Lane
Lane
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A dentist sells his Schedule C dental practice for 190,000
A dentist sells his Schedule C dental practice for 190,000 in 2016. Please note he began the practice in 1998. Additionally, please note he filed a joint return with his wife in 2016. The 190,000 was … read more
taxmanrog
taxmanrog
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I have a normal accountant, but he's unavailable for the
I have a normal accountant, but he's unavailable for the next 3 weeks, so I'm trying to get a better idea of taxes. Long story short, I am a single member LLC and I'm going to be selling my company sh… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,763 satisfied customers
We have a client who operates a spinal diagnostic practice.
We have a client who operates a spinal diagnostic practice. Within the practice is a physical rehab practice with space, equipment and personnel. They are considering selling that PT practice and are … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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A dental practice which is an S Corp sells its practice
A dental practice which is an S Corp sells its practice assets for 1,000,000. The Corporation has one shareholder who is a well respected dentist in the area. The asset allocation to be reported on Fo… read more
PDtax
PDtax
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A dentist is purchasing a dental practice for 500,000. The
A dentist is purchasing a dental practice for 500,000. The seller wants 300,000 allocated to Goodwill & 200,000 to Equipment. The buyer initially proposed 150,000 to Goodwill, 150,000 to the Patient L… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,235 satisfied customers
How to have goodwill treated as long term capital gain?
S-Corp is selling a business, and want goodwill to be treated as long term capital gain. Is it necessary to have the sale include the shareholder personally with the goodwill portion allocated? Or is … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,763 satisfied customers
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
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A dentist sells s dental practice. It is an S Corporation.
A dentist sells his dental practice. It is an S Corporation. Is it tax beneficial for him to allocate more of the sales price to Equipment vs Goodwill/Patient List or vice versa?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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A dentist is purchasing the assets of another dentist. Does
A dentist is purchasing the assets of another dentist. Does he want to allocate a greater amount of the purchase price towards the equipment vs the intangible assets (patient list, restrictive covenan… read more
Mark D
Mark D
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Master's Degree
1,338 satisfied customers
In the sale of an LLC, amounts attributable as goodwill
In the sale of an LLC, amounts attributable as goodwill would be taxed as a capital gain, and amounts received as non-compete clause would be ordinary income. Is that correct? Also, the sale of fully … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Sale of 100% the assets of an s corporation, the selling
For the sale of 100% the assets of an s corporation, the selling price is allocated between fixed assets, inventory, covenents, etc. After that, the rest of the selling price is for goodwill. From the… read more
Lane
Lane
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An dentist is the sole stockholder of his dental practice,
An dentist is the sole stockholder of his dental practice, which is an 'S' Corporation. He is selling the assets only to his associate under an "Asset Purchase Agreement". A portion of the purchase pr… read more
Robin D.
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I need to report the sale of a medical practice (an s-corp), Sales price $150k. Agreement
I need to report the sale of a medical practice (an s-corp), Sales price $150k. Agreement provides the allocation as follows: Fully depr equip $12k, Supplies $1k, Goodwill/patient list $50k, and final… read more
PDtax
PDtax
Certified Public Accountant (CPA)
Master's Degree
5,235 satisfied customers
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
taxmanrog
taxmanrog
Master's Degree
1,411 satisfied customers
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
Retired
Bachelor's Degree Equivalent
27,913 satisfied customers
I sold a sole proprietor business in 2010. It was a franchise
I sold a sole proprietor business in 2010. It was a franchise financial advisory practice. The only asset was the client list; which included the assets under management, from which an ongoing commiss… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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