Tax Court Details Noncompete Covenant

Business Valuation UpdateVol. 3 No. 9
Legal and Court Case Update
September 1997

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5122 Drugs, Drug Proprietaries, and Druggists' Sundries
446120 Cosmetics, Beauty Supplies, and Perfume Stores
federal taxation
s corporation
Thompson, C v. Commissioner (II)
1997 Tax Ct. Memo LEXIS 341
June 24, 1997
US
Federal Court
United States Tax Court
Paul H. Meade (for respondent) Mark L. Mitchell (for petitioner)
Vasquez

Summary

The issue in this case is whether State Supply, a distributor of beauty supply products organized as an S corporation, may amortize $2.5 million for noncompete covenants.

See Also

Thompson, C v. Commissioner (II)

Full Text of Court Cases
June 24, 1997

Case name: Thompson v. Commissioner Citation: 1997 Tax Ct. Memo LEXIS 341 At issue is whether State Supply may amortize $ 2.5 million, or some lesser amount, for covenants not to compete.