Screen 8594 - Asset Acquisition Statement (1040)

General Information

Use this screen to report the sale of a group of assets that make up a trade or business. The purchaser’s basis in assets is determined wholly by the amount paid. A separate Form 8594 is created for each unit. For an acquisition in the current year, the information automatically proformas in case an amendment is necessary the following year.
If you're filing this return electronically and the taxpayer has a foreign address, select
Foreign Address
in
State
. (This is the first selection.)
If you enter data in this field, also select
. Foreign Address
in
State
. (This is the first selection.)
Enter the foreign postal code and the name of the foreign province or county. If the party has a foreign address, select
Foreign Address
in
State
. (This is the first selection.) This field contains a linked custom fieldview, which lets you enter data automatically in the related
Foreign country
field.
This field is mandatory.
The total sales price calculates automatically based on data in
Purchaser and seller provided allocation of sales price
. Leave
Total sales price
blank unless you want to override (force) the amount calculated on Form 8594, Page 1, Part II.

Assets Transferred

Use this section only if filing an original statement.
Enter the type of agreement and the maximum amount of consideration (not including interest) paid or to be paid under the agreement for Form 8594, line 6. Examples of types of agreements are licenses or covenants not to compete; lease agreements; employment contracts; and management contracts.

Supplemental Statement

Use this section to create a supplemental statement only if amending an original or previously filed statement due to an increase or decrease in consideration.
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