What if I bought something that has 3 different parts for a single price but then sold just one of the parts? How do declare the original value of just the sold part?

This is for declaring Sale of Business Property. If I bought something that has 3 different parts, and each part has a different value, but I bought it for a single price. And now I've sold just one part of it. How do I determine the original price I paid for just the single part?

496

Level 15

Jun 1, 2019 3:31:10 PM

Use your third grade math solving techniques ... remember those "word" math problems you thought you would never use ? For example ....

3 parts individually sell for $2, $3 & $5 for a total of $10 when you bought them

% for each is 20, 30 & 50

If you bought the lot for a discount say $8 then the purchase cost for each is $1.60, $2.40 & $4

Why sign in to the Community?

What if I bought something that has 3 different parts for a single price but then sold just one of the parts? How do declare the original value of just the sold part?