Question: I need help with the question b Derek purchases a small business from Art on July 1, 2016. He paid the following amounts for the

I need help with the question b

Derek purchases a small business from Art on July 1, 2016. He paid the following amounts for the business: a. How much of the $315,000 purchase price is for Section 197 intangible assets? $____ b. What amount can Derek deduct on his 2016 tax return as Section 197 intangible amortization? $____

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