Intangibles $($LO $8\mathrm{.}6)$

Devon purchased a small business from Art on March $30,2023,$ and paid the following amounts for the business:

Line Item DescriptionAmountFixed assets$$391,600$Goodwill$78,320$Covenant not to compete$97,900$Total$$567,820$

Question Content Area

a$.$ How much of the $$567,820$ purchase price is for Section $197$ intangible assets?

fill in the blank $1$ of $1$$

Question Content Area

b$.$What amount can Devon deduct on his $2023$ tax return as Section $197$ intangible amortization?

If required, round the final answer to the nearest dollar. Use months, not days, in your computations.

fill in the blank $1$ of $1$$