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!
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And don't forget to complete the 8594.
View solution in original post
All go under dispositions.
Equip & LHI sale should flow to 4797, Goodwill to 8949 (some put it on 4797)
Run the equip & LHI thru using Screen 16.
The goodwill (I'm assuming self created) will go thru Screen 23.
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