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Level 2
April 9, 2021
Solved

Form 6252 changing the Profit Percentage

  • April 9, 2021
  • 2 replies
  • 17 views

2 years into an installment agreement on the sale of a business the gross sales price is adjusted and a new Gross Profit percentage is calculated using Worksheet B out of Publication 537.  How do I get this new percentage in the Form 6252 so that the installment gain will calculate correctly?

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Best answer by jeffmcpa2010

Option 1. change the appropriate information in Part 1 to the adjusted numbers.

Option 2. Override line 19.

 

2 replies

Level 10
April 9, 2021

Option 1. change the appropriate information in Part 1 to the adjusted numbers.

Option 2. Override line 19.

 

RSCPAAuthor
Level 2
April 9, 2021

Those were my ideas as well but just wanted to check with someone else to see if there was something I was missing.

Thanks,