Installment sale of assets and goodwill

[acubooks]

Hello Tax Experts,

I have spent hours reading and calling and still have questions. I have a client that is an S Corp. He sold most of the assets (about 25) for $570,000 ,  a gain of 500.000.  No depr recapture, many are 10+ years old. 

He also sold goodwill - 1,000,000.   There is an installment agreement for 5 years. I do have Form 8594 filled out.   (he is original owner, no purchased GW)

In 2019 he received 720,000.  His business is still operating, just on a smaller scale. 

SO far I've entered the sales date on all the assets, no amount on the AEW.  Should I figure the pro-rata amount for all these assets, resulting in a large gain on 4797?   Will that look ridiculous? 

Form 4797, page 2 includes installment sales, but would you have to enter all the assets again or have multiple 6252s?

Is there a way to record a bulk sale? 

Since he received more than the cost of the assets (720 - 570,000)  should I not include the assets as part of the installment sale?   Then the installment sale would just be for the 1,000,000, showing receipts in 2019 of 150,000 and 100% profit?   Or use the GP % from the assets (.92) for the payments. 

Everything states to to record sale of goodwill on Sch D but that just duplicates the amount - no way to have Schedule D tie into the 6252 ?

Using ProSeries. 

Thank you 

Sherri

[qbteachmt]

You used some odd phrasing, so this is hard to follow. He didn't receive "more than the cost of the assets" for that $570,000 which is not Cost but Price. He Sold a bunch of different things at agreed upon price points. He didn't get fully paid for that sale. He accepted some money now and agreed to accept some money later and/or over time. That means payment terms. Payment terms do not drive what was sold or the price point; they are how it is being paid for. You describe a gain, but that is based on what starting point?

For this: "No depr recapture, many are 10+ years old." Many? Was there remaining book value for anything? Was none of it depreciated, or some was fully depreciated? The way you phrased this part, it's too vague.

To get specific help, you should provide specific details. Thanks.