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C
CPA17
Level 3
February 11, 2020
Question

Final 1065

  • February 11, 2020
  • 2 replies
  • 16 views

Trying to prepare final form 1065. There is unamortized goodwill and closing costs on the books. Should I just amortize the entire leftover portion in the final return? Pro-series is calculating only current year portion only. Please advise. 

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2 replies

sjrcpa
sjrcpa
Level 15
February 11, 2020

The goodwill was "sold" on the last day of the entity.

The more I know the more I don’t know.
    C
    CPA17Author
    Level 3
    February 11, 2020

    Thanks for the response. that means, goodwill loss will go to form 4797 as trade or business loss. Only startup cost needs to be force amortize. Am I right? 

     

    Thank you!!

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