edwardbuck1
Returning Member

Get your taxes done using TurboTax

I am an S Corporation. I sold my business in 2020 in an asset sale. I was paid for good will and intellectual property and non compete covenants. How do I record these in my turbotax 1120s tax return? I was also paid for the assets. I am recording the assets as sales resulting in a 4797 form. Is this correct?  I recorded the sale on form  8594.

 

Ed