On November 13, Underhill Incorporated, a calendar year taxpayer, purchased a business for a $777,650 lump-sum price. The businesss balance sheet assets had the following appraised FMV: Accounts receivable $ 62,750 Inventory 202,000 Tangible personalty 417,500 $ 682,250 Required: What is the cost basis of the goodwill acquired by Underhill on the purchase of this business? Compute Underhills goodwill amortization deduction for the year of purchase. Assuming a 21 percent tax rate, compute the deferred tax asset or deferred tax liability (identify which) resulting from Underhills amortization deduction.

What is the cost basis of the goodwill acquired by Underhill on the purchase of this business?

Compute Underhills goodwill amortization deduction for the year of purchase.

Assuming a 21 percent tax rate, compute the deferred tax asset or deferred tax liability (identify which) resulting from Underhills amortization deduction. (Round your final answer to the nearest whole dollar amount.)