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klillie
Level 2
August 28, 2020
Solved

Sale of a S-Corp Goodwill

  • August 28, 2020
  • 3 replies
  • 18 views

Sold Business

Purchase Price Allocation:

Equipment and Fixtures $65k

Leasehold Improvements 20K

Goodwill 165K

 

How would you enter that on the return for a S Corp?

Thank you!

This topic has been closed for replies.
Best answer by George4Tacks

And don't forget to complete the 8594.

3 replies

sjrcpa
sjrcpa
Level 15
August 28, 2020

All go under dispositions.

Equip & LHI sale should flow to 4797, Goodwill to 8949 (some put it on 4797)

The more I know the more I don’t know.
    abctax55
    abctax55
    Level 15
    August 28, 2020

    Run the equip & LHI thru using Screen 16.

    The goodwill (I'm assuming self created) will go thru Screen 23.

    HumanKind... Be Both
      George4Tacks
      George4TacksAnswer
      Level 15
      August 28, 2020

      And don't forget to complete the 8594.

      Answers are easy. Questions are hard!
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