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my client sold his practice that included goodwill and patient records on installment agreement, these are both section 197 business intangibles. What do i use as the basis for installment sales form 6252
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Zero
Slava Ukraini!
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Or -1 if you use Lacerte🙂
Slava Ukraini!
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Before you jump right into zero, zilch, nada - or -1 for Lacerte - you may want to consider other factors:
Generally, did the owner acquire the intangibles in ways other than building them up?
Examples:
Intangibles purchased before a certain month of 1993? (Beginning year for Sec 197's 15-year amortization.)
Inherited goodwill? Surviving spouse of a business run by the couple?
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But if ain’t on the balance sheet, it is zero, zilch, nada, -1.
Slava Ukraini!
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In most cases, true. Yet:
1. Arguably, under certain facts and circumstances, one might find it revivable say with Form 3115.
2. Many Sch C clients don't show up with a balance sheet.
My point was just that zero, zilch nada -1 etc. ain't the only answer.
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But ten bucks says it is the only answer in this case💵
Slava Ukraini!
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I would have gone with one of Phoebe's shiny nickels. 😉
The more I know the more I don’t know.
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These intangibles were all earned through good hard work. After further research and the comments received. going with zero, zilch, nada
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Iron man is right on
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I concede. Just wired you $10.
Bank charge: $19.95
please send $9.95 to bank.
Thanks.
I come here for kudos and IRonMaN's jokes.
