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Lawyer acquires business

Lawyer A (incorporated) purchases business from Lawyer B (two incorporated business):

Lawyer A purchases:
-Assets: law library, furniture, computers, etc from Lawyer B’s Management Corp (holds assets) - $25,000.00 -Intangible assets (client list, goodwill, etc) from Lawyer B’s Professional corp (operating corp) - $40,000.00
The purchase is completed via a promissory note (due in over 1 year)

J/E - Lawyer A

Furniture $10,000
Computers $5,000
Law library $10,000
Goodwill $40,000
Long term debt / Private loan $65,000

Therefore, tangible assets go into their CCA classes (8 & 50) & Goodwill into class 14.1 (1/2 year rule will apply to all these assets).

On BS & T2 (s100):
Long-term debt $65,000
Furniture $10,000
Computers $5,000
Law library $10,000
Goodwill $40,000

Can anyone provide suggestions or comments to the above?

Greatly appreciated!

It is not in the scope of this forum community to provide professional accounting and tax and legal advice. I would suggest you seek professional accounting advice.

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