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teresa1
Level 3
September 1, 2020
Solved

posting sale of inventory from partial sale of business

How do I post sale of inventory as partial sale of business?  I put on 4797 and it is showing as long term capital gain

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abctax55
abctax55Answer
Level 15
September 1, 2020

Sale of inventory (in bulk) is no different than selling it bit by bit over time.

It's ordinary income.  It goes on the same line regular sales in the normal course of business would go.

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3 replies

abctax55
abctax55Answer
Level 15
September 1, 2020

Sale of inventory (in bulk) is no different than selling it bit by bit over time.

It's ordinary income.  It goes on the same line regular sales in the normal course of business would go.

HumanKind... Be Both
    qbteachmt
    qbteachmt
    Level 15
    September 1, 2020

    How is it "as partial sale of business?"

    They sold out a specific product line and intend to stop that activity? There is no tax provision for this. Did they sell something else, that makes this "part of the business?"

    Don't yell at us; we're volunteers
      teresa1Author
      Level 3
      September 1, 2020

      client had 2 store front locations and sold one of the locations with inventory and equipment

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