Client purchased a soda vending machine business for $10,000. How is this accounted for on the tax return? Is is just not recognized until the business is sold at some point in the future?
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What was purchased, customer list, workforce, machines, inventory?
What does your paid, professional accountant say?
I believe it is just the territory. The soda companies own the machines.
He had to restock the when he purchased the business.
Amortizable over 15 years
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One more thing for buyer and seller to do. https://www.irs.gov/forms-pubs/about-form-8594
