$250,000 August 1st: 4% partnership interest in Smart & Smarter, CPAs, $400,000 August 1st: Trademark (registration) for “Best Tax Service,” your Schedule C tax advisory business for clients that Smart & Smarter wants no part of, $175,0
$250,000 August 1st: 4% partnership interest in Smart & Smarter, CPAs, $400,000 August 1st: Trademark (registration) for “Best Tax Service,” your Schedule C tax advisory business for clients that Smart & Smarter wants no part of, $175,0
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 1BD
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Question
During 2020 you purchased the following assets at the following prices:
- January 2nd: 100 shares of Apple, Inc., $12,000
- February 1st: 500 shares of Startup, Inc., $250,000
- August 1st: 4% partnership interest in Smart & Smarter, CPAs, $400,000
- August 1st: Trademark (registration) for “Best Tax Service,” your Schedule C tax advisory business for clients that Smart & Smarter wants no part of, $175,000 (including attorney’s fees)
- September 1st: Noncompete / Nondisclosure Agreement with former employee of your Schedule C business, $100,000
Calculate, state, and explain your total 2020 amortization deduction.
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