Problem $8-16($Algorithmic$)$

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

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

Line Item DescriptionAmountFixed assets$$312,400$Goodwill$62,480$Covenant not to compete$78,100$Total$$452,980$

Question Content Area

a$.$ How much of the $$452,980$ purchase price is for Section $197$ intangible assets?

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