Form 8594 Categories

[Snaggletooth]

There are seven categories to value in the sale of a business on Form 8594. I'm trying to find which category to list the plant, property & equipment (fixed assets).

In absence of finding a category, there is always Category V which appears to be a "catch all". I'm suspecting the govt expects the seller to file Form 4797 for this portion of the sale.

[TaxGuyBill]

Yes, fixed assets are category V, and Form 4797 needs to report the sale of those items.


From the instructions for Form 8594:

Note.

Furniture and fixtures, buildings, land, vehicles, and equipment, which constitute all or part of a trade or business (defined earlier) are generally Class V assets.