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Bamabob23
Level 1
December 22, 2021
Question

When is income realized on an "asset purchase sale" (not installment sale)? This is the sale of a financial planning practice. 80% goodwill/20% consulting.

  • December 22, 2021
  • 4 replies
  • 17 views
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4 replies

sjrcpa
sjrcpa
Level 15
December 22, 2021

On the closing date of the transaction.

The more I know the more I don’t know.
    IRonMaN
    IRonMaN
    Level 15
    December 22, 2021

    My curiosity is kicking in again.  Besides the closing date, what other possible dates are there?

    Slava Ukraini!
      abctax55
      abctax55
      Level 15
      December 22, 2021

      I'm curious what an "asset purchase sale" actually is?

      And generally income is realized AND recognized when the cash changes hands.

      HumanKind... Be Both
        R
        raycpa99
        Level 2
        February 26, 2022

        It means the buyer bought the assets from the partnership rather than buying the partnership interest from the partner. Its an asset sale rather than a sale of partnership interest.

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