On January 2, 2018, Fran acquires a business from Chuck. Among the assets acquired are the following intangibles: a patent with a remaining life of 12 years, an agreement not to complete for 10 years, and goodwill. $120,000 of the purchase price was paid for the patent and $45,000 for the agreement. The amount of the excess of the purchase price over the identifiable assets was $90,000. 

What is the amount of the amortization deduction for 2018?

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The amount of the amortization deduction for 2018 is 10750 The patent has a 12 year remaining life s... View the full answer