Discuss what is meant by goodwill in a business


As is often the case in financial transactions, there are differences in accounting for tax purposes and accounting for financial reporting purposes. One example of this is amortization of goodwill resulting from business combinations. Discuss what is meant by "goodwill" in a business combination. How does goodwill affect net income, assets and liabilities for book and tax purposes?

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Accounting Basics: Discuss what is meant by goodwill in a business
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