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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Installment sale and reporting and form 8594
Installment sale and reporting and form 8594
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SteveR
Level 1
08-11-2021
03:39 PM
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On form 8594 which reflects the asset sale of part of a corporation (one of the corporate stores) do I reflect the buyer's assumption of the notes payable which were attached to the equipment the buyer purchased, the sales taxes due for the prior month assumed by the buyer and the sale of the accounts receivable. 8594 only asks for the value of the assets sold by class. Do assumed debt go into this schedule?
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sjrcpa
Level 15
08-11-2021
06:22 PM
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It also asks for allocation of sales price. Assumed liabilities are part of the sales price.
The more I know, the more I don't know.
