On January $1,2022,$ Don Buchanan purchases a business that he will carry on as a sole proprietor. The purchase price includes $$60,000$ for goodwill. The business has a fiscal period that ends on December $31$ and, for $2022,$ Don claims the maximum CCA. On January $1,2023,$ the business is sold in an arm's length transaction with $$82,000$ paid for the goodwill. What is the affect on the sale of the goodwill is to increase net income for $2022$ ?

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Answer rating: 100% (QA)

The sale of goodwill in an arms length transaction will have an impact on the net income for 2022 Th... View the full answer