Derek purchases a small business from Art on September 1, 2018. He paid the following amounts for
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Question:
Derek purchases a small business from Art on September 1, 2018. He paid the following amounts for the business:
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a. How much of the $374,680 purchase price is for Section 197 intangible assets? 116280
b. What amount can Derek deduct on his 2018 tax return as Section 197 intangible amortization?
If required, round the final answer to the nearest dollar. Use months, not days, in your computations.
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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