Sold Business. Do I have to file Form 8594 Asset Aquisition Statement?
We owned a Deli and Liquor store that we sold in 2010. It was a Sole Proprietorship. The only tangible assets were 3 refrigerators and a slicer. We also had a liquor license and inventory. We sold all of this to the new owner. I filled out form 4797 , but do I also need to file form 8594? It says in the instructions that you only need to fill it out if goodwill or going concern value attaches or could attach to such assets and if the purchasers basis in the assets is determined only by the amount paid for the assets. I'm not sure I understand this clearly. I called the IRS about it, and they told me that they don't handle this form...that I would have to go to a CPA that does acquisitions to find out if I need to file it. Any help you can give me would be appreciated. Thanks!