I was checking out Instapundit, and came across a reference to Obama's tax returns. Being curious, I checked them out. I did come across a curious thing, relating to Treehouse Foods. In their December 2007 balance sheet, Treehouse declared a Goodwill Asset of $ 590,791 (in thousands), up from $ 432.581 in Sept, 2007. It seemed a little high, compared to an inventory of $ 297,692 (in thousands), for the same period.
Without that seemingly inflated goodwill, their Net Tangible Assets ($ 163.863 loss) would have been even worse.
So, my question about the Treehouse income for 2006, of $ 51,200 - where did that come from? Was that a sale of an asset? Or something else? It was reported as ordinary income.
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