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I sold my business last year, and have the Asset Acquisition
I sold my business last year, and have the Asset Acquisition Statement form 8594 filled out by the attorneys. I have amounts in Cl V, and amounts in class VI and VII. These are reported on different l… read more
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Lane, If I were to buy a computer software LLC. The company
Hi Lane,If I were to buy a computer software LLC. The company is purchased by my holding company. Meaning, my holding company purchased the computer software partnership and now there is an investment… read more
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I have a holding company and my holding company just
Hi I have a holding company and my holding company just purchased a small company. I understand that the purchase price of the small company has to be depreciated. 1. What method should I depreciate t… read more
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I am buying a single member LLC, carpet cleanng business. I
I am buying a single member LLC, carpet cleanng business. I have valued the business at $200,000 with seller and buyer in agreement. Filling out form 8594 for each of us to use. The classes ofaAssets … read more
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Last year my husband sold his business. $20,000.00. We put
Hello last year my husband sold his business. $20,000.00. We put $12,000 as equipment etc and $8,000 goodwill. $8000.00 is advertisement, promotion, setting website, training and transisition work (do… read more
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I bought a nail salon (with no inventory) at 50k in 2016. I
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What is the useful life of a 5th wheel travel trailer used
What is the useful life of a 5th wheel travel trailer used as rental property in a set location-most advantageous is a 10-15 year life -would a sewer assessment at the time of purchase arguably be inc… read more
DK_CPA
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The person I bought a business from is insisting that we
The person I bought a business from is insisting that we need to fill out a 8594 form. I've never had to do this before and in reviewing the form, it appears I would have to take over any depreciation… read more
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Over how many years should a used tractor trailer (truck)
Over how many years should a used tractor trailer (truck) and used trailer be depreciated over for MACRS depreciation?… read more
Lev
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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
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Company wants to purchase 50% of Company A for $X, but does
Company B wants to purchase 50% of Company A for $X, but does not want the liability (known and unknown) of Company A. Company B wants a NEWCO (LLC) formed where they will own 50% and the Company A ho… read more
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When a purchase of a business is written in the documents
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how is the accounts receivable handled for a cash basis s-corp
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Just signed agreement to sell my Optical practice. The agreement
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I spent 10,000 to acquire this turn key mechanic business.
I spent 10,000 to acquire this turn key mechanic business. What do I deduct that 10,000 under on the taxes? I lease the building, but paid the 10,000. to the previous business owner to acquire the equ… read more
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I sold my business and understand that tax is due on the profit
I sold my business and understand that tax is due on the profit I made - the purchasers agreed to pay me x amount for the assets and the goodwill. In addition they agreed to take on x amounts of outst… read more
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In 2008 I purchased a 22-year old financial advisor business
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RD
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I am in the process of purchasing a financial planning practice
I am in the process of purchasing a financial planning practice from another advisor. I have been told that I should complete form 8594 as part of the closing process to determine tax implications of … read more
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