Devon purchased a small business from Art on March $30,2023,$ and paid the following amounts for the business:

Line Item Description Amount

Fixed assets $$307,000$

Goodwill $61,400$

Covenant not to compete $76,750$

Total $$445,150$

Question Content Area

a$.$ How much of the $$445,150$ purchase price is for Section $197$ intangible assets?

fill in the blank $1$ of $1$$

Question Content Area

b$.$ What amount can Devon deduct on his $2023$ tax return as Section $197$ intangible amortization?