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How do I post sale of inventory as partial sale of business? I put on 4797 and it is showing as long term capital gain
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Sale of inventory (in bulk) is no different than selling it bit by bit over time.
It's ordinary income. It goes on the same line regular sales in the normal course of business would go.
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Sale of inventory (in bulk) is no different than selling it bit by bit over time.
It's ordinary income. It goes on the same line regular sales in the normal course of business would go.
"the game of life is hard to play"
If a post answers your question, click on *Accept as solution* for future searches
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How is it "as partial sale of business?"
They sold out a specific product line and intend to stop that activity? There is no tax provision for this. Did they sell something else, that makes this "part of the business?"
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client had 2 store front locations and sold one of the locations with inventory and equipment