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Six years ago, Corporation CN purchased a business and capitalized $200,000 of the purchase price as goodwill. Through this year, CN has deducted $74,000 amortization with respect to this goodwill. At the end of the year, CN sold the business for $2,000,000, $250,000 of which was allocable to goodwill. Determine the amount and character of CN’s gain from its sale of goodwill. Ordinary income? Section 1231 gain Realized and recognized gain

Six years ago, Corporation CN purchased a business and capitalized $200,000 of

the purchase price as goodwill. Through this year, CN has deducted $74,000 amortization with respect to this goodwill. At the end of the year, CN sold the business for $2,000,000, $250,000 of which was allocable to goodwill. Determine the amount and character of CN’s gain from its sale of goodwill.

Ordinary income?

Section 1231 gain

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Realized and recognized gain

 
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