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Business & farm
Do not issue a 1099-NEC because the payments you're making aren't for a contractor and aren't income from self employment to the previous business owner. What you bought is a Sec 197 intangible in the form of a book of business or accounts and those are amortized over 15 years. Lawyers should have rep'd both sides in this transaction.
‎January 5, 2021
3:13 PM