Thank you for your response Rick. I did talk to a tax professional earlier in the year and they seemed to think it was manageable. They are how I got the journal entry to put the note as deferred gain against the goodwill. However, since it's tax season they are busy and won't/can't respond to my questions. I suppose I need to file an extension and wait till they aren't as busy.
In the meantime can you answer one more question? The note is in my name, not the corporation's name. Part of the asset sale was a purchase of real estate that was in my name. Would it possibly be better to put the note against the real estate and not the goodwill?
