Hello, my long-time client sold his small business at lump sum amount. He had been using cash accounting method and reporting on Form 1120. The state of Maryland personal property Form 21 requires to report in details how much money considered for furniture, fixtures, machineries and inventory when the business sold. Is it appropriate to put the book value of each item or just leave them blank and to attach detail list of the items?
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I see the form asks for "amount of consideration" which would be Sales Price. The 1120 is for a C Corp, and this means there was an Asset sale, not a sale of ownership shares, right?