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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Amortizable over 15 years
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
One more thing for buyer and seller to do. https://www.irs.gov/forms-pubs/about-form-8594
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