If your business is reported on a Sch C ....
Class IV assets are stock in trade of
the taxpayer or other property of a kind
that would properly be included in the
inventory of the taxpayer if on hand at the
close of the taxable year, or property held
by the taxpayer primarily for sale to
customers in the ordinary course of its
trade or business. Inventory sold ... enter this as income on the Sch C and reduce your inventory to zero.
Class V assets are all assets other
than Class I, II, III, IV, VI, and VII assets.
Note. Furniture and fixtures, buildings,
land, vehicles, and equipment, which
constitute all or part of a trade or business
(defined earlier) are generally Class V
assets. You sold your assets ... in the asset section you will sell off all the assets listed.
Class VI assets are all section 197
intangibles (as defined in section 197)
except goodwill and going concern value
This is also an asset so make an asset entry for the goodwill or whatever you sold so you can sell it off like the other assets.
