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Business & farm
If your goodwill was part of an asset purchase of the business and $47k was allocated to that asset, then you should have been amortizing it (if the business was a stock purchased, then not amortized for tax). The goodwill of $47k is your starting point for amortization and the remaining net asset at sale is your starting point for gain calculation.
‎August 6, 2020
12:21 PM