Devoid of Goodwill, Corporation Escapes Income Tax Liability

Business Valuation UpdateVol. 20 No. 11
Legal and Court Case Update
November 2014

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4213 Trucking, Except Local
484121 General Freight Trucking, Long-Distance, Truckload
federal taxation
enterprise goodwill, personal goodwill, corporate tax, gift tax, noncompete agreement, distribution, internal revenue code (IRC), employment agreement, asset transfer
Bross Trucking, Inc. v. Commissioner
2014 Tax Ct. Memo LEXIS 109
June 5, 2014
US
Federal Court
Federal
United States Tax Court
N/A
Paris

Summary

Tax Court says taxpayer’s company owned no corporate goodwill and had no right to taxpayer’s personal goodwill and, therefore, was not liable under IRC Sect. 311(b)(1); the taxpayer, in turn, was not liable for gifting corporate goodwill to his sons.

See Also

Bross Trucking, Inc. v. Commissioner

Full Text of Court Cases
June 5, 2014

Tax Court says taxpayer’s company owned no corporate goodwill and had no right to taxpayer’s personal goodwill and, therefore, was not liable under IRC Sect. 311(b)(1); the taxpayer, in turn, was not liable for gifting corporate goodwill to his sons.