Capitol Scholar Solutions, Inc., a calendar year, accrual basis taxpayer, paid a $820,000 lump-sum purchase price on June 18 to purchase Scholastic Partners. The appraised FMVs of the balance sheet assets in the sale were: Balance Sheet Assets Accounts receivable 45,000 Inventory 375,000 5-year warehouse lease (remaining term) 50,000 Fixtures and furniture 168,000 $ 638,000 Which of the following statements is FALSE?