kanchan-textax-
Level 1
02-24-2022
11:52 PM
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Hi George,
I have sold my business, there are various class of Assets as below which has tax basis and FMV, I am unable to show the same in Proconnect as the same has to flow through Schdeule K. which is not happening, Kindly please help on this. I request.
| Account | Asset Class | Tax Rate |
| Cash | Class I | - |
| Accounts Receivable | Class III | 53.25% |
| Inventory | Class IV | 53.25% |
| Fixed Assets - Depreciation Recapture | Class V | 53.25% |
| Fixed Assets - Capital Gain | Class V | 37.10% |
| Prepaid and Other Assets | Class V | 53.25% |
| Section 179 Intangibles, Existing Contracts, WIP | Class VI | 53.25% |
| Residual (Goodwill) | Class VII | 37.10% |
| Total | ||
| Earn-out | Stock | 38.60% |
There is also earn out .
