On Demand Audio

Personal Goodwill in Business Transactions and Divorce Cases

(182 reviews)

Produced on October 13, 2016

Taught by
$ 59 Tax Law and Business, Corporate, & Securities Law In Stock
Get started now

$299 / year - Access to this Course and 1,500+ Lawline courses


Course Information

Time 60 minutes
Difficulty Beginner

Course Description

Personal goodwill is also referred to as professional goodwill since it commonly arises in professional practices. Personal goodwill is the intangible value attributable solely to the efforts or reputation of an owner and/or employee of a company. The phrase “personal goodwill” appears nowhere in the Internal Revenue Code, United States Code Annotated, or any state statute, but it has come a long way from being an obscure concept and is now a well-recognized concept in tax law.  

In this course, Roman Basi discusses goodwill and how it relates to various legal and tax issues. He explains the differences between personal goodwill and company goodwill and helps to define "goodwill" and how the concept applies to other legal issues as well as those in the tax arena. 

Learning Objectives:

  1. Define “personal goodwill”
  2. Understand the difference between corporate goodwill and personal goodwill
  3. Identify how and when to apply the concept
  4. Recognize the application of this concept in the business context
  5. Appreciate the application of this concept in divorce cases
  6. Grasp legal and tax aspects, following specific current cases

Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .


Roman Basi

The Center for Financial, Legal & Tax Planning, Inc.

Roman Basi graduated from Millikin University in 1997 with a Bachelor’s of Science Degree. In addition, Roman holds a Master’s in Business Administration and Juris Doctor from Southern Illinois University. Roman is a licensed Attorney in the states of Illinois, Missouri and Florida. Roman is a licensed Real Estate Broker in the State of Illinois. Roman is also a licensed Title Insurance Agent with Attorney Title Guaranty in Illinois. He is currently working towards obtaining his CPA license.

Roman has been published in the following trade journals:

   * Illinois State Bar Association - Section on Federal Taxation

   * Productivity

   * Agency Sales

   * Industrial Distribution

   * Supply House Times

   * Distributor Link

   * I.D.A. Management Journal

Roman is a member of the following organizations:

   * Illinois Bar Association

   * Federal Taxation Section Council

   * Florida Bar Association

   * National Association of Realtors

   * Illinois Association of Realtors

   * Egyptian Board of Realtors

   * Marion Chamber of Commerce

   * Marion Main Street


Iris G.

This course was exceptional. It was easy to listen to, and easy to learn from. Thank you.

Ronald L. B.

Absolutely excellent presentation

Diane P.

Very solid speaker.

Bryan B.

nicely done....

William K.


Load More