1099 for Purchase of Small Business?

[KMG20]

I have an existing business and purchased another small business from an individual with an LLC.  Do I need to send him a 1099 for any part of this transaction?  I allocated it as $35,000 for equipment, $10,000 non-compete and $5,000 for goodwill.

[tagteam]

You probably should have been represented in the transaction (if you were not). 

Otherwise, you should review the link below to the IRS web site.

https://www.irs.gov/instructions/i8594