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D
dimariacpa
Level 2
March 10, 2021
Question

Prior year instalment sale has ordinary income portion

  • March 10, 2021
  • 1 reply
  • 12 views
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1 reply

sjrcpa
sjrcpa
Level 15
March 10, 2021

The ordinary income portion was fully taxed in the year of sale.

The more I know the more I don’t know.
D
dimariacpaAuthor
Level 2
March 10, 2021

Thanks that is how shown as It is part of a sale of business  -  The ordinary income is covenant not to compete and the capital asset is book of business.  Thanks  This is how prior accountant showed total instalment of $20K for 2018 and 2019, $19K to the capital gain and $1,000 to ordinary income,  

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