Has anyone ever completed a Form 8954 with respect to a website sale?
I've never done one before, and several accountants I've visited have no knowledge on the proper way to complete with respect to a website sale.
There was never an allocation agreement in the acquisition contract, they just placed a lump sum on the entire purchase and I found out at the last minute that the other side was filing this form.
They basically purchased the domains, web pages which make up the site, website database, social media accounts and trademark - all intangible items under Section VI, I suppose. There was never a sum placed on the non-compete (just a clause in the contract).
The IRS website says the forms on both sides need to be consistent, but I have no idea what they listed on their form and I was told by an attorney that they are not under an obligation to supply me with their form. I've asked for it, have yet to receive an answer.
The kicker, if the forms of both sides are in conflict on how the sale is allocated, it could trigger an audit for both sides.
