escalante
Level 1
 
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abctax55
Level 15

 Form 4797 and possibly Form 6252 (after depreciation is accounted for).

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escalante
Level 1

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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George4Tacks
Level 15

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
abctax55
Level 15

@escalante wrote:

4797 is a capital gains dividends form.

 


It is ?

https://search.yahoo.com/yhs/search?hspart=avg&hsimp=yhs-securebrowser&type=7153&param1=3b6d23d0c185...

Perhaps the folks over here can be more helpful:

https://ttlc.intuit.com/community/taxes/discussion/02/202

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
qbteachmt
Level 15

"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.

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