INCOME TAX CASE NO 1372 | 73 Wire

According to B, $85 000 was the book value of the assets of the appellant relating to this hotel, and that sum, taken out of the total agreed worth of the business of $200 000, left $115 000 which â€" so it was accepted â€" would be for goodwill. But he said that although he regarded himself as buying the business, which was what he wanted to do, he could not afford to pay the $200 000 all at once. Accordingly, the transaction was arranged in the way it was to accommodate ...