Goodwill Belonged to Sale Owner, Not Business

Business Valuation Update BVLaw
Legal and Court Case Update
March 3, 1950

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3842 Orthopedic, Prosthetic, and Surgical Appliances and Supplies
339113 Surgical Appliance and Supplies Manufacturing
federal taxation
Charles C. Cullen v. CIR
14 T.C. 368
US
Federal Court
United States Tax Court
LeMire

Summary

The Tax Court concluded that a businessman did not receive any goodwill in the liquidation and conversion of his corporation to a sole proprietorship.

See Also

Charles C. Cullen v. CIR

Full Text of Court Cases
March 3, 1950

The Tax Court concluded that a businessman did not receive any goodwill in the liquidation and conversion of his corporation to a sole proprietorship. It reasoned that the goodwill was personal to the businessman and remained his personal property absent ...