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Showing content with the highest reputation on 08/07/2022 in all areas
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The posts with political undertones have been hidden. Please stick to the proposed law as it applies to taxes and affects your clients or practices. Thanks.2 points
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The business probably wasn't worth $35K to the buyer. Buyers of business don't usually pay retail for the existing inventory.1 point
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Purchaser doesn't. His concern is only that he paid $10K and how to allocate that for the assets acquired. Does the bill of sale break down the sales price between the inventory and F&F? Was a form 8594 prepared? That allocation is what you need to know. Seller also needs to know that allocation for reporting his side of the transaction too.1 point