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Section 1060Property Typical ApplicationElongation (MD & CD)Grab Strength (MD & CD)Tear Strength (MD & CD)Puncture Strength Wide Width Tensile Strength UltimateTABLE 10561 TEXTILE REQUIREMENTS Requirement
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Section 1060 of the Internal Revenue Code provides rules for allocating the purchase price in a business acquisition.
The buyer and seller of a business must jointly file Form 8594 to report the allocation of the purchase price under section 1060.
To fill out section 1060, the buyer and seller must agree on the allocation of the purchase price and complete Form 8594 accordingly.
The purpose of section 1060 is to ensure that the purchase price in a business acquisition is allocated correctly between assets, resulting in the appropriate tax consequences for both the buyer and seller.
On section 1060, the buyer and seller must report the various assets acquired in the transaction and their respective allocations of the purchase price.
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