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tached to the purchase contract allocated the $125,000 purchase
price that Donald C. Chiappetti was to pay for the items that he
was acquiring thereunder, as follows:
Goodwill $5,000
Supplies 5,000
Group assets 4,000
Office furnishings and equipment 6,000
Dental equipment 24,000
All patient and office records belonging
to CPC 5,000
Covenant Not to Compete executed by Dr.
Donald L. Chiappetti 76,000
Total 125,000
Section 4 of the purchase contract made an identical allocation
of the $125,000 purchase price, except that it allocated
(1) $5,000 to an item referred to as "Patient Records", instead
of "All patient and office records belonging to CPC" and (2)
$76,000 to an item referred to as a "Covenant Not to Compete",
instead of a "Covenant Not to Compete executed by Dr. Donald L.
Chiappetti".
The covenant not to compete contained in section 7 of the
purchase contract was accurately valued in the purchase contract
at $76,000.
The purchase contract provided that the $125,000 purchase
price was payable as follows: (1) $1,000 payable at closing and
(2) $124,000 payable in 60 equal monthly installments to be
evidenced by a promissory note for that amount. Contemporaneous
with the execution by petitioner of the purchase contract in his
capacity as president of CPC and of the covenant not to compete
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