TAX TIP OF THE WEEK
COVENANT NOT TO COMPETE: If a corporation or an individual purchases a business, and the contract indicates that the covenant not to compete is for 12 months, the acquiring company still has to amortize the covenant not to compete for 15 years as stated in the internal revenue service code.
If you have any questions regarding this week's tax tip, contact me via email at egarbertax@aol.com
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