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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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A well established dentist is selling his practice assets.
A well established dentist is selling his practice assets. He is a P.C. (not an S Corp). His fixed assets are fully depreciated. 400,000 of the 800,000 selling price will be sold by him personally as … read more
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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
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Lev
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I'm trying to determine if the sale of goodwill as part of
I'm trying to determine if the sale of goodwill as part of the sale of a business (asset sale) is taxed as capital gains or ordinary income? … read more
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Does the gain from a asset sale, (mostly goodwill) go in the
Does the gain from a asset sale, (mostly goodwill) go in the PS return? Where do I put 704 liquidating distribution? Does the gain just show up on K-1'S?… read more
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Sold SCorp. Closing statement Purchase Price paid to Seller
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How to show the sale of a corporation that continues to
How to show the sale of a corporation that continues to exist. The sales contract shows the dollar amount paid for inventory, common stock (not paid in excess), equipment, goodwill and covenant not to… read more
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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
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We sold our business a few months ago. As part of the sale
We sold our business a few months ago. As part of the sale and process, we had to enter non-compete agreements with our franchisor that has 35 location in Atlanta for a period of three years. We had t… read more
Lev
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I sold my dental practice, sole proprietorship, in May 2015.
I sold my dental practice, sole proprietorship, in May 2015. What forms do I need for reporting to the IRS besides 8594. Is there a cost basis to goodwill if I "bought" it back in 1983 when I redeemed… read more
Mark D
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Purchased a laundromat for 250k, sold 200k, held 2 years (lost
Purchased a laundromat for 250k, sold 200k, held 2 years (lost money - lesson learned). S-Corp. Contract of sale gave me the allocation of fixed assets, inventory, goodwill (which I purchased), and an… read more
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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
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Hi, I am selling the hosting clients of my hosting company.
Hi, I am selling the hosting clients of my hosting company. We have been offered 550000.00 with a 3 year non compete. The purchaser has agreed to assign everything to goodwill and nothing to the non c… read more
R. Klein, EA
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My client sold his business as follows: Owner agreed to
My client sold his business as follows: Owner agreed to sell all corporate assets (not stock) in his 100%-owned S Corp (ABC Corp) as well as any goodwill he has personally created to Company XYZ for t… read more
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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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I sold my business for 60k.(40 cash 25 note w 9in brokers fees.)
I sold my business for 60k.(40 cash 25 note w 9in brokers fees.) In the sales doc we allocated the sale as ppe 10, goodwill 35 and non compete 20. The buyer defaults before the end of the year. So I'm… read more
Gerri A Harrison CFP EA
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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
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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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