https://www.taxtmi.com/caselaws?id=8698 For gift-tax purposes, the taxable value of property transferred by way of gift is its open-market value on the date of transfer, and a separate express transfer of goodwill is not required where the business interest itself is transferred. The transfer of a proprietary business into a partnership, with the sons taking a four-fifths share, was treated as carrying the commercial value attached to the undertaking, including goodwill. The Gift-tax Officer's valuation, based on the business value and the proportion transferred, was upheld as correct, and the assessment on four-fifths of the market value of the business was sustained. en-us Tue, 15 Jun 1965 00:00:00 +0530 Tue, 02 Jun 2009 20:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8698 For gift-tax purposes, the taxable value of property transferred by way of gift is its open-market value on the date of transfer, and a separate express transfer of goodwill is not required where the business interest itself is transferred. The transfer of a proprietary business into a partnership, with the sons taking a four-fifths share, was treated as carrying the commercial value attached to the undertaking, including goodwill. The Gift-tax Officer's valuation, based on the business value and the proportion transferred, was upheld as correct, and the assessment on four-fifths of the market value of the business was sustained. Case-Laws Income Tax Tue, 15 Jun 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8698