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Form 6252 changing the Profit Percentage

RSCPA
Level 2

2 years into an installment agreement on the sale of a business the gross sales price is adjusted and a new Gross Profit percentage is calculated using Worksheet B out of Publication 537.  How do I get this new percentage in the Form 6252 so that the installment gain will calculate correctly?

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jeffmcpa2010
Level 11

Option 1. change the appropriate information in Part 1 to the adjusted numbers.

Option 2. Override line 19.

 

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2 Comments 2
jeffmcpa2010
Level 11

Option 1. change the appropriate information in Part 1 to the adjusted numbers.

Option 2. Override line 19.

 

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RSCPA
Level 2

Those were my ideas as well but just wanted to check with someone else to see if there was something I was missing.

Thanks,

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