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• W864822938 abstract "The Tax Court held that a trucking company's alleged goodwill was personally owned by its sole shareholder, and therefore trucking company had no goodwill asset to transfer. Because goodwill was not distributed to shareholder, he did not transfer it to his sons and therefore was not required to have filed a gift tax return. Facts: Brass Trucking Inc. was a family wholly owned by Chester Brass. Brass did not have an employment contract with Brass Trucking, nor did he sign a noncompete agreement. Brass Trucking hauled materials and equipment for road construction projects. In 1998, U.S. Department of Transportation (DOT) issued an unsatisfactory motor carrier safety rating to Brass Trucking, resulting in elevated regulatory scrutiny in subsequent years. Chester Brass decided to cease Brass Trucking operations rather than risk a cease-and-desist order from DOT. As a result, in 2003, Brass's three sons organized a new company, LWK Trucking, as a new and separate entity from Brass Trucking. While about 50% of LWK Trucking's employees had worked for Brass Trucking, none of Brass Trucking's employees signed noncompete agreements with latter company. Issues: The court analyzed whether Brass Trucking distributed appreciated intangible assets to Brass under Sec. 311(b), whether Bross gave any distributed intangible assets to his three sons, and whether Bross was liable for a penalty for failing to file a gift tax return. [ILLUSTRATION OMITTED] Sec. 311(b) requires a corporation to recognize gain on distributed appreciated assets as if were sold to shareholder at its fair market value (FMV). Because gain is recognized to extent that property's FMV exceeds its adjusted basis, Sec. 311 prevents a corporation from avoiding tax by distributing appreciated to its shareholders. For purposes of Sec. 311, property is defined by reference to Sec. 317(a) as money, securities, and any other property, except for stock of distributing corporation or rights to acquire it. The IRS argued that Bross Trucking distributed its intangible assets, including goodwill, to Bross and that Bross then gave those assets to his sons, who used them to set up their new trucking company. According to IRS, value of Brass's gift of intangible assets, particularly goodwill, required Bross to file a gift tax return and pay gift tax for tax year 2004. The Tax Court described goodwill as the sum total of those imponderable qualities which attract custom of a business,--what brings patronage to business (Bross Trucking, slip op. …" @default.
• W864822938 created "2016-06-24" @default.
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• W864822938 date "2014-10-01" @default.
• W864822938 modified "2023-09-26" @default.
• W864822938 title "Goodwill Not Distributed to Sole Shareholder: The Tax Court Finds That a Family Trucking Business Did Not Distribute Appreciated Intangible Assets under Sec. 311(b)" @default.
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