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Determine taxpayer amortization deduction

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Reference no: EM133079733

Question - During the tax year, the business taxpayers acquired the assets of competing enterprises. On August 15, 2021, the taxpayer acquired the competing business for 175,000 and allocated 35,000 of the purchase price to goodwill. Determine taxpayer's 2021 amortization deduction with respect to purchased goods.

A. 0

B. 194

C. 1361

D. 972

E. 1264

Reference no: EM133079733

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