After several profitable years running her business, Ingrid decided to acquire the assets of a small competing
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Question:
After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May of year Ingrid acquired the competing business for $ Ingrid allocated $ of the purchase price to goodwill. Ingrids business reports its taxable income on a calendaryear basis.
a How much amortization expense on the goodwill can Ingrid deduct in year year and year b In lieu of the original facts, assume that Ingrid purchased only a phone list with a useful life of five years for $ How much amortization expense on the phone list can Ingrid deduct in year year and year
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