We purchased a business in March 2019 with inventory (independent valuation), equipment (value specified in the purchase contract) and goodwill. Need to help in classifying these into the asset class for Form 8594, since Turbotax is woefully lacking in real help.
Also, Need to record at least 50% of goodwill impairment since a key 3rd party approval needed for earning business income didn't come through and the value of business is just a fraction of what we paid for. We have initiated a litigation in 2020.
