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• W212110857 startingPage "66" @default.
• W212110857 abstract "The First Circuit upheld a district court's holding that money allocated to a noncompete agreement was not for when a business' sale agreement didn't specifically identify it as such. When a business is sold, it is not uncommon for a portion of its sale price to be attributable to a noncompete agreement between the seller and the buyer. For tax purposes, a covenant not to compete is recognized when it is severable from goodwill, the agreement is separately bargained for, and the covenant can be shown to have economic substance. When this is the case, the portion of the sale price attributable to goodwill is generally treated as a capital asset, and the payment received for the noncompete agreement is taxable as ordinary income under Revenue Ruling 69643, 1969-2 CB 10. In 1998, Irwin Muskat, a controlling shareholder, sold his family business, Jac Pac Foods Ltd. (Jac Pac), to Manchester Acquisition Corp. (MAC). The purchase agreement included $15 million allocated to Jac Pac's goodwill and required Muskat to execute a mutually satisfactory noncompete agreement. The noncompete agreement was for 13 years and provided that MAC's obligation to make the payments would survive Muskat's death or disability Muskat initially reported the $1 million he received for the noncompete agreement as ordinary income. But after reconsidering, he claimed that the payment was for his goodwill. He subsequently filed a $203,434 refund claim, which the IRS contested. The U.S. District Court for New Hampshire rejected Muskat's argument that the $1 million was a sale of his personal goodwill. The court opined that negotiations with MAC didn't include any discussion of Muskat's personal goodwill and the consideration paid under the noncompete agreement was bargained for as a covenant not to compete. The court reasoned that Muskat failed to show by proof' that, despite the express terms of the agreement, he and MAC had intended the $1 million payment to be made for his personal goodwill and not for the promises he made in his sale agreement. The First Circuit upheld the district court's decision, rejecting all of Muskat's arguments. It concluded that the use by the district court of the proof' rule, which had not been superseded by case law or statute, was appropriate and required Muskat to show by strong proof that the contracting parties intended the payments to compensate for something different than what was indicated at the time the agreement was written. …" @default.
• W212110857 created "2016-06-24" @default.
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• W212110857 date "2009-05-01" @default.
• W212110857 modified "2023-09-23" @default.
• W212110857 title "Noncompete Agreement Payment Wasn't Sale of Personal Goodwill" @default.
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