Thank you, that answer helps.
So, it looks like I enter the value of the tools sold as Class 5, and the goodwill part as class 7, both on form 8594, which I need to send in with the all the tax forms.
Then, I enter the total value of the business sale on line 6 of Sch C?
I had heard the value for the tools and value for good will are taxed at different rates. Is that true, and if so, where would that be calculated and entered?
Thank you and take care,
Doug
