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My question is regarding Goodwill sales income vs. Covenant
Hello, my question is regarding Goodwill sales income vs. Covenant Not to Compete income. Can money received for Covenant Not to Compete be amortized for tax purposes or does it have to be declared fo… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am purchasing a small retail business for $83000 total.
I am purchasing a small retail business for $83000 total. Includes inventory, accessories, POS system, furniture, tv/fax. All assets total of $36,500. The remaining amount is Goodwill $46,500 My attor… read more
Stephen G.
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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
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taxmanrog
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I sold my accounting practice and split my assets between
I sold my accounting practice and split my assets between customer list, goodwill and covenant not to compete. I started this practice many years ago and never acquired any firms or accounts along the… read more
Stephen G.
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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
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The c corp had a stock sale. The seller (sole shareholder)
The c corp had a stock sale. The seller (sole shareholder) received cash $100,000. and retained earnings of $30,000., shareholders loan to corporation of $50,000., and Vehicles $6000. He also received… read more
Stephen G.
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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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I am selling my practice, and there is an allocation in the
I am selling my practice, and there is an allocation in the sales agreement (not a separate agreement) for a covenant not not compete. I'm getting a lot down, but I will still elect the installment me… read more
PDtax
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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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My question is pertaining to the sale of my business. I
My question is pertaining to the sale of my business. I operate a retail store structured as a single member LLC in Pennsylvania. For federal tax purposes it is a sole proprietorship, but in PA it is … read more
Stephen G.
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I have a business value question. We are a 4 man LLC
I have a business value question. We are a 4 man LLC software consultancy firm with an exiting member so we wish to buy out his shares. We elected as an S corp. this year. Our only assets are cash in … read more
Jonathan Tierney
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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
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JD, MBA, CFP, CRPS
Doctoral Degree
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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
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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
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Doctoral Degree
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Question on cost basis for tax purposes: Last year I entered
Question on cost basis for tax purposes: Last year I entered into an agreement to sell some intangible assets. Those assets included copyrights, trademarks and source code. Additionally, as part of th… read more
socrateaser
socrateaser
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In the sale of a small s-corp business that is 10 years old,
In the sale of a small s-corp business that is 10 years old, are the proceeds from the "goodwill portion" of the business and a "convenant not to compete" taxable as ordinary income or capital gains t… read more
Jon Andrews
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In the sale of a dental practice, set us as a Sub-S Corporation,
In the sale of a dental practice, set us as a Sub-S Corporation, the $500,000 selling price has been broken into 4 parts: i) office equipment - $44,000, Supplies - $12,000, Goodwill - $466,000 and no-… read more
Ed Johnson
Ed Johnson
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Bachelor's Degree
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I am self employed and will sell my business and carry part
I am self employed and will sell my business and carry part of the sales price with a note form purchaser. Can I get capital gain treatement on self created goodwill built up over the last 10 years? i… read more
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