A negative goodwill seems to
indicate that the company acquired a business at a bargain price.
That being so, did the agreement
of sale stipulate separate amounts for each of the assets purchased in terms of
stock, m/vehicles, furniture etc.etc.
If so, I think that the amount
specified for stock acquired would represent the purchase price even if the
market value for the stock acquired was(at the time) significantly greater than
its cost to the company.
Also refer Broomberg on
Tax Strategy (Lexis Nexis 4th edition) Chapter 4 and in particular from
page 45 onwards.