The Supreme Court defined goodwill in a different
context as “the expectancy of continued patronage.” Newark Morning Ledger Co.
v. U.S., 507 U.S. 546, 555 (1993).
See also, Boe v. Commissioner, 307 F.2d 339,
343 (9th Cir. 1962), (“[t]o us, the essence of goodwill is the expectancy of
continued patronage, for whatever reason”), aff’g 35 T.C. 720 (1961).
Similarly, income tax regulations in a different context define goodwill as
“the value of a trade or business attributable to the expectancy of continued
customer patronage.” Treas. Reg. 1.1060-1(b)(2)(ii). Thus, if viewed as a
customer based intangible, goodwill is located where the customers are located.
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