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27 You are a successful CPA. After years of running your own tax consulting firm, you decide to acquire a smaller competing firm. You purchase

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27 You are a successful CPA. After years of running your own tax consulting firm, you decide to acquire a smaller competing firm. You purchase the business on February 27, 2021 for $850,000. After allocating this purchase price to the tangible assets you ve acquired, you allocate $175,000 to goodwill (a) How much amortization expense will you deduct in 2021? 2 points) (b) How much will you deduct on your 2022 tax return? (2 points)

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