How much of the $250,000 purchase price is for Section 197 intangible assets? $70000 b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization?
How much of the $250,000 purchase price is for Section 197 intangible assets? $70000 b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization?
Chapter3: Income Sources
Section: Chapter Questions
Problem 86P
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Derek purchases a small business from Art on June 30, 2019. He paid the following amounts for the business:
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a. How much of the $250,000 purchase price is for Section 197 intangible assets? $70000
b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization?
Use months, not days, in your computations. Round your answer to the nearest dollar.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT