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Solved! Go to Solution.
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Form 4797 and possibly Form 6252 (after depreciation is accounted for).
( Generic Comment )"
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4797 is a capital gains dividends form.
our company sold equipment, and is receiving payments over a three year period. This money is distributed among four shareholders. How do we classify this, as it is not revenue but a repayment
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I think you have some reading to do
https://www.irs.gov/publications/p544
@abctax55 gave you the correct answer to your question. Are you doing the tax return or just trying to create some type of bookkeeping entry?
Here's wishing you many Happy Returns
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@escalante wrote:4797 is a capital gains dividends form.
It is ?
Perhaps the folks over here can be more helpful:
https://ttlc.intuit.com/community/taxes/discussion/02/202
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"our company sold equipment, and is receiving payments over a three year period. This money is distributed among four shareholders. How do we classify this, as it is not revenue but a repayment"
You are confused. The Sale is a sale. The taking of money might be possible because someone is making payments on the sale. You don't decide what is or is not revenue vs repayment. Circumstances make it clear.
You do seem to be lost on the internet. This is not a TurboTax community.
"Level Up" is a gaming function, not a real life function.