Question: Annie develops a successful tax practice. She sells the practice to her friend Carol for $54,000 and moves to Florida to retire. The tax practice

Annie develops a successful tax practice. She sells the practice to her friend Carol for $54,000 and moves to Florida to retire. The tax practice has no assets except intangible benefits such as the and going-concern value Annie has developed over the years. How should Carol treat the $54,000 cost of the tax practice she has purchased?

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