Question

Identify the tax issue or issues suggested by the following situations, and state each issue in the form of a question.
Mr. V sold his sole proprietorship to an unrelated party for a lump-sum price of $900,000. The contract of sale specifies that $100,000 is for a covenant not to compete—Mr. V’s promise not to operate a similar business anywhere in the state for the next four years.


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  • CreatedNovember 03, 2015
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