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Sales rep can’t treat business asset sales proceeds as capital gain (personal goodwill) because rep did not own seller

Seller is based in Miami, Oklahoma (about a 90-mile NE drive from Tulsa). Seller was in the business of supplying soils, mulches and decorative stone to home-center and independent retailers. Taxpayer began working with Seller in the early 1990s. Taxpayer’s

Posted in personal goodwill, sale of assets of business

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