Question
41- Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $235,000 Goodwill 47,000
41-
Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business:
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a. How much of the $340,750 purchase price is for Section 197 intangible assets?
b. What amount can Derek deduct on his 2020 tax return as Section 197 intangible amortization?
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Using Financial Accounting
Authors: Carl S. Warren, Jeff Jones, Amanda Farmer
1st Edition
0357507851, 9780357507858
