Thanks for taking time to respond at length. After reading instructions for Form 8954, I know I should categorize categorize inventory as Class IV, equipment as Class V and goodwill as Class VII (under Section 197) in Form 8594 as initial purchase of business transaction.
So, now my question is about goodwill impairment. We have clear basis to write off at least 50% of the goodwill value we paid for, and it appears that it should be done in the Part III of Form 8594. However, I'd help and guidance.
