Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Sale of a S-Corp Goodwill

Highlighted
Level 2

Sold Business

Purchase Price Allocation:

Equipment and Fixtures $65k

Leasehold Improvements 20K

Goodwill 165K

 

How would you enter that on the return for a S Corp?

Thank you!

Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 15

And don't forget to complete the 8594.


ex-AllStar

View solution in original post

3 Replies 3
Highlighted
Level 15

All go under dispositions.

Equip & LHI sale should flow to 4797, Goodwill to 8949 (some put it on 4797)


ex-AllStar
Highlighted
Level 15

Run the equip & LHI thru using Screen 16.

The goodwill (I'm assuming self created) will go thru Screen 23.

Former Chump... umm.... AllStar.
If a post answers your question, click on *Accept as solution* for future searches
Highlighted
Level 15

And don't forget to complete the 8594.


ex-AllStar

View solution in original post