bluesky
Level 1
03-17-2020
10:38 AM
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Hi, sorry for the late response due to my office relocation.
Your answer put me rethink of the so called "goodwill" classification. I went back and pulled out my other client's return who has similar situation with the gift shop owner, and realized returns prepared by his previous CPA did not either show "goodwill" asset, nor the "15 years amortization".
Is it possible his previous CPA just see the payment as part of cost, not capitalized it at all, and deduct the original cost from proceed when the owner sell the store?