Discussion:Buy business with A/R
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Discussion Forum Index --> Advanced Tax Questions --> Buy business with A/R
Discussion Forum Index --> Tax Questions --> Buy business with A/R
| 31 March 2008 | |
| I assume no tax implications if you buy the A/R with the purchase of a business but how do you handle the cash received when it comes in (as income??)
Neil | |
| 1 April 2008 | |
| The seller has the implication of selling "hot assets". You have basis in the A/R hence not taxed when you collect. | |
Southparkcpa (talk|edits) said: | 1 April 2008 |
| When you "journalize" purchase entry you will debit many assets, equipment , goodwill and in your case A/R and credit loans etc....
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