Accounting For Asset Sale Of Business In Georgia

Category:

Small Business - Business Sale

State:

Multi-State

Control #:

US-00418

Format:

Instant download

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Description

This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.

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In the case of an asset purchase, many of the assets will be subject to a lower tax rate, but some assets, such as inventory, will be taxed as ordinary income. Accounting Policy Summary: Capital assets, in general, should be accounted for in accordance with generally accepted accounting principles (GAAP).In an asset sale, the new owner purchases the business's physical assets. The seller retains all rights to the legal entity. Each transaction should be evaluated. This section provides guidance on accounting and reporting of Capital Assets in the institution's general ledger and the Annual Financial Report (AFR). The purchase price allocation process involves apportioning the aggregate cost of acquisition across the identifiable assets and liabilities obtained. A sale of assets may be partial or complete.

Accounting For Asset Sale Of Business In Georgia

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