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SALE OF INTANGIBLE
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lilhk3
Level 1
03-10-2021
07:04 PM
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My client sold business assets within S corporation to an unrelated party. Assets included equipment, goodwill, covenant not to compete and trade marks. I did some research and am confused whether gain on sale of intangible assets such as goodwill, covenant not to compete and trade mark are capital gain on S corporation tax return or ordinary income. I read article that personal goodwill is capital gain. But this is enterprise goodwill. Thanks for advice.
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sjrcpa
Level 15
03-10-2021
08:03 PM
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Goodwill is capital gain.
Covenant not to compete is ordinary. But the S Corp entered into a noncompete?
Trademark is capital asset I think.
Ex-AllStar
