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Business & farm
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.