klillie
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!

0 Cheers
sjrcpa
Level 15

All go under dispositions.

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

The more I know, the more I don't know.
abctax55
Level 15

Run the equip & LHI thru using Screen 16.

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

** IRonMaN ** is FREE 🙂
George4Tacks
Level 15

And don't forget to complete the 8594.


Answers are easy. Questions are hard!

View solution in original post