do I have to show the sale of the s corp in the basis or enter as other income or something else?
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What EXACTLY was sold?
Hello,
Looking at the settlement statement from the lawyer I would say it was the assets of this business that were sold. They bought the name and all of the assets, which were those of a take out restaurant. Do I show the sale of each asset? Then this will show a capital gain or loss on the K1?
Sch D and/or F 4797, depending on the answers to Bill's (excellent) questions.
And yep, basis should be considered unless you want to really short-change your client.
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