William Norwalk, et al. v. CIR

Full Text of Court Cases
July 30, 1998
8721 Accounting, Auditing, and Bookkeeping Services
541219 Other Accounting Services
federal taxation

William Norwalk, et al. v. CIR
T.C. Memo. 1998-279
Federal Court
United States Tax Court


The Tax Court concluded that without non-compete agreements executed in favor of the company, the goodwill in a professional accounting practice was the property of the accountant. Therefore, it rejected the IRS's position that goodwill was distributed t ...
William Norwalk, et al. v. CIR
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See Also

Covenant Not to Compete Key to Intangible Asset Value

The principal issue underlying these consolidated cases is the fair market value of the corporation's assets on the date of distribution.