ColeenD3
Thanks for the general tax rate information but what I'm really trying to understand is the "tax category" (ordinary income tax rate vs capital gains tax rate) for the IRS Asset Classes I thru VII on IRS Form 8594.
I'm especially interested in whether Class III (Accounts Receivable) , Class VI (Covenant Not to Compete), Class VI (Financial Contracts), and Class VII (Personal Good Will) are taxed as ordinary income or capital gains. Do you know?
I believe IRS Form 8594 is used to complete IRS Form 4797 - which can be complete using Turbotax?
Can I use TurboTax to handle a sale of business assets? If so how?
