Scenario

Inputs acquired include an organized workforce?

Asset or business?

Scenario 1

Purchaser take over property management

No

Asset

Scenario 2

Purchaser and seller form a general partnership to manage the property and the partnership is controlled by the purchaser or under common control

No

Asset

Scenario 3

Purchaser and seller signs an outsourced property management contract and the contract has finite during, or seller can be easily replaced

No

Asset

Scenario 4

Purchaser and seller signs an outsourced property management contract and it is unlikely that seller will be replaced

Yes

Business

Scenario 5

Seller remain the property management role

Yes

Business (consider whether the purchaser has power over the investee)