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By Q. EARL YANCEY
Rappahannock Newt Contributing Writer
The price paid for a going business wifi often exceed the fair market value of the tangible assets.
In business jargon, this excess is usually referred to as “blue sky.” Under the tax regulations, this excess gets very specific treatment. The blue sky is either goodwill, or a covenant-not-to-compete.
The amount of money allocated to goodwill can be treated by the seller as capital gain, and therefore, is afforded a more favorable tax treatment. The buyer, however, cannot deduct goodwill during his r
88.0%