SteveR
Level 1

On form 8594  which reflects the asset sale of part of a corporation (one of the corporate stores)  do I reflect the buyer's assumption of  the notes payable which were attached to the equipment the buyer purchased, the sales taxes due for the prior month assumed by the buyer and the sale of the accounts receivable.  8594 only asks for the value of the assets sold by class.  Do assumed debt go into this schedule?

0 Cheers
sjrcpa
Level 15

It also asks for allocation of sales price. Assumed liabilities are part of the sales price.


Ex-AllStar