Problem $8-16($Algorithmic$)$

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

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

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

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The current tax guidance provides for two main categories of intangibles: $(1)$ Section $197$ intangibles and $(2)$ non$-$Section $197$ intangibles. Section $197$ intangibles are those acquired by a taxpayer as part of the acquisition of a trade or business. Amortization is a cost recovery method similar to depreciation in that it spreads the cost recovery of certain intangibles over a fixed period of years.

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.