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Dear Mr. Clooney: This letter is in response to the inquiry regarding your proposed purchase of the assets of Kayla. Mitchell's sole proprietorship. The $990,000
Dear Mr. Clooney: This letter is in response to the inquiry regarding your proposed purchase of the assets of Kayla. Mitchell's sole proprietorship. The $990,000 purchase price should be allocated among the assets to produce the following adfusted basis for each asset. The goodwill represents the difference between the proposed purchase price and Under the tax law, goodwill is amortized on a straight-line basis over years. Form 8594 is filed with your 2021 tox return. If I can be of further assistance, please let me know. Sincerely, Jarvis Robins, CPA Tax Partner
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