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Final 1065

CPA17
Level 2

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 Comments 2
sjrcpa
Level 15

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

The more I know, the more I don't know.
CPA17
Level 2

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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