Cost of acquisition rules: goodwill purchased equals purchase price; internally generated goodwill treated as nil. Amendment provides that the cost of any improvement in relation to goodwill of a business is nil; and for computing capital gains the cost of acquisition of goodwill is the purchase price when acquired by purchase from a previous owner, and nil in all other cases, while other capital assets remain subject to the existing provisions.
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Provisions expressly mentioned in the judgment/order text.
Cost of acquisition rules: goodwill purchased equals purchase price; internally generated goodwill treated as nil.
Amendment provides that the cost of any improvement in relation to goodwill of a business is nil; and for computing capital gains the cost of acquisition of goodwill is the purchase price when acquired by purchase from a previous owner, and nil in all other cases, while other capital assets remain subject to the existing provisions.
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