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Intangibles (LO 7.8) Derek purchases a small business from Art on August 1, 2015. He paid the following amounts for the business: How much of

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Intangibles (LO 7.8) Derek purchases a small business from Art on August 1, 2015. He paid the following amounts for the business: How much of the $315,000 purchase price is for Section 197 intangible assets? $ _____ What amount can Derek deduct on his 2015 tax return as Section 197 intangible amortization? Do not round intermediate calculations. $______

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