Geroge Tanner died October 2, 2014, survived by his son Thomas and his daughter Gigi and her two children. George was the sole stockholder of Tanner Inc., a C corporation. Gigi served as president of Tanner from its inception until early January 2015. However, she never has an employment agreement or a noncompete agreement with Tanner. George was not involved with the business; he simply provided the funding. Gigi executed all of Tanners contracts with its customers and was very involved with the business. George's will left half of the Tanner stock to Gigi and the other half to Thomas. In late December 2014, Gigi and Thomas had major disagreements, and soon thereafter Gigi formed a C corporation (GTS, Inc.) to compete with Tanner. Because of the personal relationships Gigi had with Tanners customers, almost all of them broke their contracts with Tanner and began doing business with GTS. Preparation of George;s estate tax return is underway, and one of the the estate's major assets is the Tanner stock. A questions has arisen whether the valuation of the Tanner stock should take into account the value of Gigi's persona goodwill due tot he absence of an employment agreement or a noncompete agreement. If so, the value of her personal goodwill would adversely affect the value otherwise determined for the stock. Your supervisor requested that you research the issue and present your results in a memo so she can discuss the valuation issue with the person who is preparing the appraisal of the Tanner stock.