In addition to responding to @Anonymous question, it would be good to know the following:
- What type of business entity was owned
- How long was it owned
- How did you handle the purchase on your books and records
- How did you handle any annual updates to your books and records; this will depend on what type of business entity was owned
- How was it sold; stock, assets?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
