On April 18, 2018, Petros buys all the assets of Brigid's Muffler Shop. Included in the purchase
Question:
On April 18, 2018, Petros buys all the assets of Brigid's Muffler Shop. Included in the purchase price of $295,000 is a payment of $20,000 to Brigid not to open a competing shop in the state for a period of 5 years. Brigid's assets at the date of sale are as follows:
The patent is on a special muffler that Brigid developed and patented 5 years ago. Petros would like to know the maximum amount of the deduction he will be allowed on the purchase of Brigid's assets for 2018.
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Petros paid 295000 for assets worth 205000 including the 20000 covenant not to compete Because he pa...View the full answer
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Related Book For 
Concepts In Federal Taxation
ISBN: 9781337702621
26th Edition
Authors: Kevin E. Murphy, Mark Higgins
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