Tom Talks Taxes

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Ask Tom Anything - February 28, 2023

www.tomtalkstaxes.com

Ask Tom Anything - February 28, 2023

Installment sale of an intangible asset plus your tax questions answered

Thomas A. Gorczynski
Feb 28, 2023
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Ask Tom Anything - February 28, 2023

www.tomtalkstaxes.com
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In last month’s Ask Tom Anything edition, there was a question about how to handle the sale of a customer list when the purchase price is not known in the year of sale since the consideration for the customer list is a percentage of revenue from the retained customers over a multi-year period.

This is common when a tax practice is sold: the client list is sold to another tax firm, which pays, for example, 25% of the revenue from those clients each year for three years to the now-retired business owner.

We’ll analyze the transaction from the seller’s and buyer's perspectives.

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