teresa1
Level 2
08-31-2020
08:08 PM
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How do I post sale of inventory as partial sale of business? I put on 4797 and it is showing as long term capital gain
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abctax55
Level 15
08-31-2020
08:17 PM
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Sale of inventory (in bulk) is no different than selling it bit by bit over time.
It's ordinary income. It goes on the same line regular sales in the normal course of business would go.
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qbteachmt
Level 15
09-01-2020
11:22 AM
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How is it "as partial sale of business?"
They sold out a specific product line and intend to stop that activity? There is no tax provision for this. Did they sell something else, that makes this "part of the business?"
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teresa1
Level 2
09-01-2020
02:16 PM
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client had 2 store front locations and sold one of the locations with inventory and equipment
