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On October 1 of the current year, Lee Corporati on enters negotiations with Kay Corporation to acquire a patent. The patent has 10 years remaining on its legal life. Do not round any division. a. If Lee Corporation purchases the patent on October 1st for $36,000, Lee Corporation may deduct X in the current year as amortization expense. Feedback Check My Work Generally, intangibles subject to the 15-year amortization period are those that are acquired in connection with the purchase of assets constituting a trade or business. b. Assume that on October 1st Lee Corporation purchases all of the assets of Kay Corporation for $510,000. All of the identifiable assets of Kay Corporation have a fair market value of $420,000, including the patent, which has a fair market value of $36,000. Also, a covenant not to compete for 3 years costing $72,000 is included in the purchase agreement ue Corporation may deductx in the curent year as amortization esponse Lee Corporation may deduct