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.
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.
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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