Hi Rick,
Thank you for your thoughts. There were dollar amounts allocated to each area in the contract. I just didn't want to put them because it is kind of personal information. Also, the amounts do not affect whether the area is ordinary income or LTCG, and they don't affect the section.
Supplies is whatever you have on hand. There were supplies that had been sitting around for years. I have no idea how any one on earth could put a single date acquired for all the supplies in a dental office, or determine a cost basis for that matter. Likewise, for the rest - how on earth is a person to determine an acquisition date for furniture purchased over the past 35 years or a cost basis? This is true for all the non-tangibles as well. How can any one determine an acquisition date or cost basis for: goodwill, accounts receivable, non-compete, or consulting?
I will just hand it over to the CPA.
Thank you,
Joe
