dimariacpa
Level 1
03-10-2021
02:22 PM
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sjrcpa
Level 15
03-10-2021
02:42 PM
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The ordinary income portion was fully taxed in the year of sale.
The more I know the more I don’t know.
dimariacpa
Level 1
03-10-2021
03:12 PM
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Thanks that is how shown as It is part of a sale of business - The ordinary income is covenant not to compete and the capital asset is book of business. Thanks This is how prior accountant showed total instalment of $20K for 2018 and 2019, $19K to the capital gain and $1,000 to ordinary income,