3
equipment, office fixtures, accessories, inventory, and goodwill
as follows:
Tools and equipment1 $23,474.18
Goodwill 5,000.00
Leasehold Right 21,525.82
Motor Fuel 10,000.00
Inventory 5,000.00
$65,000.00
1 Tools and equipment included office fixtures and
accessories.
The seller leased to petitioner the building and land on
which the Chevron gas station is located from 1988 to 1993.
Petitioner bought the building and land in 1993.
2. Petitioner’s Sale of the Chevron Gas Station Business
In 1995, petitioner sold tools, equipment, office fixtures,
inventory, and goodwill related to, and the right to operate, the
Chevron gas station business, but not the building and land on
which it is located, for $200,000. The buyers signed a document
entitled “Business Opportunity Purchase Agreement and Deposit
Receipt”, in which they agreed to buy the Chevron gas station
business in 1995 and pay petitioner as follows:
$70,000 Paid by buyers at close of escrow
65,000 Loan from 3d party assumed by buyers
65,000 To be paid as follows: $805.91 (which includes
principal and interest at 8.5 percent) per month.
$200,000
Petitioner paid a $10,000 commission to Joy & Associates,
Inc., the agent for the buyers, and a $10,000 commission to
Counties West Real Estate, the agent for petitioner, for their
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011