Devoid of Goodwill, Corporation Escapes Income Tax Liability
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.
Court Nixes Murky Business Goodwill Determination
Appeals court rejects business goodwill award to the husband as a community asset, finding there was no goodwill in the business entities, as the trial court well knew; the determination is based entirely on the expectancy of husband’s future earnings.
Valuation Confirms Salability of ‘Unique’ Restaurant’s Goodwill
State high court rejects per se extension of personal goodwill concept to nonprofessional businesses and finds in case at issue restaurant’s valuation indicates goodwill is marketable and thus corporate and subject to marital distribution.
For DLOM, Court Looks to Signs of Sale of Practice
Court affirms income-based valuation of husband’s dental clinic, including deduction for non-compete attributable to associate, but finds lack of signs that husband intended to sell practice precludes use of DLOM.
Crews v. Crews
Appeals court rejects business goodwill award to the husband as a community asset, finding there was no goodwill in the business entities, as the trial court well knew; the determination is based entirely on the expectancy of husband’s future earnings.
Bross Trucking, Inc. v. Commissioner
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.
Court Questions Idea of Goodwill in Solo Practice Valuation
Appeals court says distinction between professional goodwill and future earnings capacity “evanesces” when valuing solo professional practice; trial court erred in adopting value based on guideline transaction method that considered professional goodwill.
Murky Goodwill Testimony Makes Partner Agreement Best Indicator of Value
Trial court was justified in disregarding any commercial goodwill in husband’s interest in a professional practice and relying on partnership agreement, Texas appeals court finds, where goodwill is not accessible and expert testimony as to its existence a ...
Brave v. Brave (II)
State high court rejects per se extension of personal goodwill concept to nonprofessional businesses and finds in case at issue restaurant’s valuation indicates goodwill is marketable and thus corporate and subject to marital distribution.
Barnes v. Barnes
Court affirms income-based valuation of husband’s dental clinic, including deduction for non-compete attributable to associate, but finds lack of signs that husband intended to sell practice precludes use of DLOM.
Can a Restaurant Have Personal Goodwill?
State appellate court finds “professional license goodwill” exception, which treats personal goodwill as professional spouse’s separate property, applies to “unique,” successful restaurant and directs trial court to determine how much of the business’s go ...
Hartline v. Hartline
Appeals court says distinction between professional goodwill and future earnings capacity “evanesces” when valuing solo professional practice; trial court erred in adopting value based on guideline transaction method that considered professional goodwill.
Hill v. Hill
Trial court was justified in disregarding any commercial goodwill in husband’s interest in a professional practice and relying on partnership agreement, Texas appeals court finds, where goodwill is not accessible and expert testimony as to its existence a ...
Brave v. Brave (I)
State appellate court finds “professional license goodwill” exception, which treats personal goodwill as professional spouse’s separate property, applies to “unique,” successful restaurant and directs trial court to determine how much of the business’s go ...
Schmidt v. Schmidt
Appeals court overturns valuation, finding trial court mistakenly accepted valuation that assumed and required noncompete from owner spouse without expert’s calculating value assuming no noncompete; valuation still includes personal goodwill component that must be excised, appeals court says.
Enterprise Goodwill Disallowed If Based on Nonsolicitation Agreement
The issue in this marital dissolution case was whether the trial court correctly included enterprise goodwill in valuing husband’s insurance agency, Joseph Held Co.
Held v. Held
The issue in this marital dissolution case was whether the trial court correctly disallowed enterprise goodwill in valuing husband's insurance agency, Joseph Held Company.
West Virginia Joins Majority in Distinguishing Between Personal and Enterprise Goodwill
One of the primary issues in this marital dissolution was the valuation of husband’s dental practice.
Practice goodwill calculated using excess earnings method upheld; distinguished from personal goodwill
The issues in this marital dissolution were whether the trial court erred in its valuation of husband’s veterinary clinic, Millard Veterinary Clinic (MVC ...
Company’s uniqueness and limited marketability equal zero goodwill
The parties were married in 1990, separated in 1997, and divorced in 1998.
May v. May
At issue in this case is the nature of husband's practice goodwill. Testimony by both experts at trial established the goodwill as "personal."
Parties failed to distinguish personal and practice goodwill
Wife’s expert, Richard Schwartz, testified that the fair market values of ADC and Gastro were $911,200 and $1,477,000, respectively,Husband was a gastroenterologist who owned a clinic ...
No Distinction Between Types of Goodwill
n the December 2002 issue of the BVU we abstracted the Mississippi Supreme Court opinion in this case.
Wright v. Wright
Wife raised issues concerning the court's valuation of a veterinary clinic, including goodwill.
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