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yeknod
Level 5
March 22, 2023
Question

Sales of Partnership LLC

  • March 22, 2023
  • 1 reply
  • 24 views

Taxpayer sold business for $500K and assets have been fully Depr'd.  Let's say $400K is goodwill and $100K is purchasing the assets.

How do I account for the $400K in the goodwill purchase on the taxes?  There was no goodwill on the books.  This was the original company that started the business.

 

Thanks in Advance!

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1 reply

IRonMaN
IRonMaN
Level 15
March 22, 2023

Goodwill basis/cost is zero.

Slava Ukraini!
    Y
    yeknodAuthor
    Level 5
    March 22, 2023

    it's that simple?

    IRonMaN
    IRonMaN
    Level 15
    March 22, 2023

    Sales price minus basis equals gain.  It's that simple --------------------- but I suppose you could make it harder if you really wanted to 😉

    Slava Ukraini!
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