goodwill not shown in books
buisness is service buisness and propritory and 15 yrs old
2007-12-19 02:33:35 · 3 answers · asked by mayur s 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
only the party buying the company records good will, which is the excess paid greater than the net tangible equity.
any gain is all capital gains for the seller
2007-12-19 04:41:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Is this goodwill from the sale of a business that the taxpayer started (eg, created goodwill) or this goodwill resulting from a business that was purchased from someone else?
2007-12-19 11:10:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Spelling and grammatical mistakes aside,
I truly do not understand your question.
For one thing, you can't sell "goodwill".
If you're referring to a charity, or charities in general, and you own a business, then, "not shown in books (sic)" or otherwise, you need to consult an accountant and/or the government for your area (for the US, that's the IRS and/or the State in which your business is located).
2007-12-19 11:14:07 · answer #3 · answered by skaizun 6 · 0⤊ 2⤋