Where to Input the Purchase of a Business (DBA) under the Corp 1120s?

[palmasservices]

I have a client that Purchase a Business under the S-Corp. for the amount of $58,000 which $14,080 was Furniture and Fixed Assets and the rest is the Business Name. Where in the 1120s & Balance Sheet would go this information. It was Purchase with business and personal accounts which the Owner wants the Corp to repay him back in the future?

[dkh]

Research  Goodwill      for your answer to the "rest is the Business Name" question

[qbteachmt]

"which the Owner wants the Corp to repay him back in the future?"

If it looks like a shareholder loan and acts like a shareholder loan, it gets documented as a shareholder loan.

[palmasservices]

Thank you.  

Do I have to file form 8594 for the Purchase of the Business?

Sorry for the additional question?

[qbteachmt]

You'll need to read "Who Must File" here:

https://www.irs.gov/instructions/i8594

[palmasservices · Accepted solution]

Thank you  so much 

[Terry53029]

here is a link. https://www.irs.gov/pub/irs-pdf/i8594.pdf