Summary
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.