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Kuldeep Singh just bought an Indian restaurant (goodwill) from Manpreet for the amount of $750,000 and on top of that Kuldeep also paid Manpreet $100,000
Kuldeep Singh just bought an Indian restaurant (goodwill) from Manpreet for the amount of $750,000 and on top of that Kuldeep also paid Manpreet $100,000 for Manpreet to agree not to open another Indian restaurant for the next three (3) years. Kuldeep also pays $30,000 for Manpreet to advertise Kuldeeps restaurant on Manpreets car.
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How much Ordinary Income can Manpreet earn from the above scenario?
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