Law Dictionary

goodwill

(Tax Law)

An intangible property such as the advantage or benefit received in property beyond its mere value. It is not confined to a name but can also be attached to a particular area where business is transacted, to a list of customers, or to other elements of value in business as a going concern.

Goodwill is the value of a trade or business based on expected continued customer patronage due to its name, reputation, or any other factor.

Source : Internal Revenue Service - United States Department of Treasury

Language : English

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