Taxpayer Closed Business in 2015

[S T]

I have a taxpayer that closed their business in 2015 - did not sell. Schedule C

I have inventory at -0- for the close, so I am good with that - it would be ending inventory at 12/31/2014 plus inventory purchases through 2015 close of business at 6/30/2015. and disregard any inventory that was donated (leftover) as it would be reflected in the COG

Question - Amortization on Goodwill and Covenant not to compete - the remaining can be deducted in year 2015, and from my reading needs to be a Sect 1231 deduction on 4797.

Would this be correct?

Anyone on Drake Software, can you provide the code for the disposition to flow through to 4797?

Thanks

Sandy

[Kram BergGold]

I agree

Deduct 1/2 of a year's amortization on Schedule C and then show whatever cost that has not been amortized as a 1231 loss on Form 4797.