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Form 8594 is used by both the seller and purchaser of a group of assets that constitutes a trade or business to report the sale if goodwill or going concern value attaches to the assets. It outlines filing requirements, deadlines, penalties for noncompliance, and specific instructions for completing the form.
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How to fill out form 8594
How to fill out form 8594
01
Obtain Form 8594 from the IRS website or through a tax professional.
02
Identify the assets you are transferring and group them into appropriate categories such as cash, accounts receivable, and fixed assets.
03
Complete Part I of the form by listing the purchase price of the business and dividing it among the asset categories identified.
04
Provide the required information about the buyer and seller including names, addresses, and taxpayer identification numbers.
05
Fill out Part II to report any liabilities that may be assumed as part of the sale.
06
Sign and date the form, certifying that the information provided is accurate.
Who needs form 8594?
01
Form 8594 is required for sellers and buyers in asset acquisitions of a business, particularly when the transaction is structured as a sale of assets rather than stock.
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What is form 8594?
Form 8594 is a tax form used by buyers and sellers of a business to report the allocation of the purchase price among the various assets acquired in the transaction.
Who is required to file form 8594?
Form 8594 must be filed by sellers of a business and buyers when a business is sold as a going concern and the transaction involves the transfer of assets.
How to fill out form 8594?
To fill out Form 8594, you need to provide details about the buyer, seller, and the assets being transferred, including their fair market values and the total purchase price.
What is the purpose of form 8594?
The purpose of Form 8594 is to ensure accurate allocation of the purchase price among the assets sold, which is important for tax reporting for both the seller and buyer.
What information must be reported on form 8594?
Form 8594 requires information such as the names and addresses of the buyer and seller, the purchase price, and details about each asset transferred, including their fair market values.
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