FRONTIER CHEVROLET CO., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent, 116 T.C. No. 23

116 T.C. No. 23

UNITED STATES TAX COURT

FRONTIER CHEVROLET CO., Petitioner v.

COMMISSIONER OF INTERNAL REVENUE, Respondent

Docket No. 19627-98.                   Filed May 14, 2001.

P entered into a stock sale agreement in which P redeemed 75 percent of its outstanding stock from C in exchange for monetary consideration. P also entered into a noncompetition agreement in which P agreed to make monthly payments to C and S for a period of 5 years so long as C and S agreed not to compete with P. P argues that it is permitted […]