Conalco, Inc. v. Monroe County Board of Revision

The board, upon remand, found that Conalco’s (appellant) allocation of the purchase price re-*331suited in a distorted valuation of the real property because (1) appellant failed to strictly adhere to the dictates of Accounting Principles Board Opinion No. 16, Business Combinations, 1970 (APB 16), and (2) the board further disapproved of the method prescribed within APB 16 of accounting for negative good will. The board found the following:

“Thus, as we allocate the purchase price, we determine that the price of the real property acquired in this lump-sum acquisition is $15,160,670. This allocated…