cientax Posted February 12, 2011 Report Share Posted February 12, 2011 Have S-Corp that sold portion of territory (which I think is considered Goodwill ?) They bought this territory along with other territories when they purchased a salon. They decided to sell off some of their territory because they (like everyone else) needed the $$$$. Questions: is this reported on Form 4797 as 1245 property? Quote Link to comment Share on other sites More sharing options...
jainen Posted February 16, 2011 Report Share Posted February 16, 2011 >>1245 property<< I think it is a Section 197 intangible, which is treated as Section 1245 if placed in service and used for more than a year. Quote Link to comment Share on other sites More sharing options...
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