Re: 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.

Bamabob23 · ‎12-22-2021

sjrcpa · ‎12-22-2021

On the closing date of the transaction.

The more I know, the more I don't know.

IRonMaN · ‎12-22-2021

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

Slava Ukraini!

abctax55 · ‎12-22-2021

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

raycpa99 · ‎02-26-2022

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.

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.

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