QUESTION:
I sold a proprietorship for $20,000. In the deal we listed the assets at
about $8,000 which was the value of them on my last year T2124 asset
schedule. The difference of $12,000 we listed as goodwill in the deal.
How/where do I report this sale on my tax return?
------------------------------------
david ingram replies:
Schedule 3.
Cut it in half at the bottom and report the $6,000 on line 127 of the T1
General.
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