On June 2, 2021, Lokar Corporation purchases a patent for $68,000 from the inventor of a new
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On June 2, 2021, Lokar Corporation purchases a patent for $68,000 from the inventor of a new extrusion process. The patent has 12 years remaining on its legal life. Also, Lokar purchases substantially all of the assets of Barrios Corporation for $750,000 on September 8, 2021. The values of the assets listed in the purchase agreement are as follows:
Determine the maximum 2021 cost-recovery deductions for the assets purchased.
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Related Book For 
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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