I calculated the intangible amorization by adding goodwill and covenant not compete then dividing by 15 years then the 7 months. No matter how i work this i keep getting the wrong answer. what am i overlooking?
De to competent allowed S 5 S 10.000.00 30.000 DO 70,000.00 De puhastutism Art on June 30, 2019. He paid the following amounts for the business: Fixed Assets: $180,000, Goodwill S40,000, Covenant not to compete: 530,000 Total 25.000 Wh an Dresduct on his 2015 tax return as Section 197 intangible amortization? 15.00 Ded 700 Covenant not to compete amount allowed Total Section 197 intangible assets Derek purchases a small business from Art a amount can Derek deduct on his 2019 tax retu Life of the intangible (years) Intangible per period Periods to be counted in current year Section 197 Intanbible amortization $ 70,000.00 1. He paid the following amounts for the business: Fixed Assets: $180,000, Good 197 intangible amortization? 15.00 A 7.00 2.722.00 1: $40,000, Covenant not to compete: $30,000, Total: $250,000. What Derek purchases a small business from Art on June 30, 2019. He paid the following amounts fe amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? 15. 5 Life of the intangible (years) Intangible per period Periods to be counted in current year Section 197 Intanbible amortization 7.00 2,722.00 De to competent allowed S 5 S 10.000.00 30.000 DO 70,000.00 De puhastutism Art on June 30, 2019. He paid the following amounts for the business: Fixed Assets: $180,000, Goodwill S40,000, Covenant not to compete: 530,000 Total 25.000 Wh an Dresduct on his 2015 tax return as Section 197 intangible amortization? 15.00 Ded 700 Covenant not to compete amount allowed Total Section 197 intangible assets Derek purchases a small business from Art a amount can Derek deduct on his 2019 tax retu Life of the intangible (years) Intangible per period Periods to be counted in current year Section 197 Intanbible amortization $ 70,000.00 1. He paid the following amounts for the business: Fixed Assets: $180,000, Good 197 intangible amortization? 15.00 A 7.00 2.722.00 1: $40,000, Covenant not to compete: $30,000, Total: $250,000. What Derek purchases a small business from Art on June 30, 2019. He paid the following amounts fe amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? 15. 5 Life of the intangible (years) Intangible per period Periods to be counted in current year Section 197 Intanbible amortization 7.00 2,722.00