Asset Purchases - Sec. 1060 and Goodwill - Sec. 197

Description

Adv Bus Cert Program: Sec. 1060 and Sec. 197 – 2 CE Federal Tax
IRS Program #: X9QQU-T-01141-24-O
CTEC #: 6257-CE-0302
CE: 2 IRS and 2 CTEC credits
Speaker: David Woods, EA, USTCP

Business asset acquisitions have special reporting requirements. In this program, we will review those requirements: What they are, when they apply, and how to navigate them. Attention will be paid to both §1060 and 197 as it relates to this discussion.

Learning Objectives:

Review Form 8594 and how to prepare it
Understand the classifications of assets for §1060 reporting
See the application of §197 for intangible assets
Identify and quantify non-asset aspects related to a business asset sale

Contributors

David Woods, EA

David Woods, EA is a licensed Enrolled Agent and NTPI Fellow. With nearly 25 years of tax preparation experience, David specializes in individual, partnership, corporate, fiduciary. taxation, and tax controversy. David graduated from Northeastern University with a master’s degree in taxation.