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Form 8596 a Rev May

Form 8596 a Rev May

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going over Iris form 8594 asset acquisition statement under Section 11060 of the tax code so generally taxpayers will use this form to document the assets that were transferred as part of a business transaction for example if John Doe as our taxpayer is selling his landscaping business then you would use this statement to document all the different classes of assets that transferred as part of that acquisition or that sale you wouldn't use it in the case of purchasing individual pieces of equipment or assets you know like a lawn mower or things like that but if you bought an entire business then you would categorize all the different classes of assets anywhere from cash and uh highly liquid assets to Investments to different Mark to Market Securities to um intangibles such as Goodwill things that need to be amortized over time so this statement both the seller and the purchaser will each file this tax form with their tax returns whether it's part of an individual tax return or whether

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