My client is selling parts of his business which is a Corporation. The Corporation is selling 70,000.00 in assets, I will record this in the depreciation schedule on the tax return. The Corporation is also selling client list for just the sprinkler installations and turn on and turn off of systems. The Corporation is keeping the Backflow repairs and maintenance part of the business. This is where I get confused on where to book the intangible portion of the business. Sell price 350,000.00 (70,000.00 in assets and 280,000.00 of clients and future business)

Thank you in advance