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How much amortization expense on the goodwill

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Question - Information provided: After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $426,000. Ingrid allocated $71,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis.

How much amortization expense on the goodwill can Ingrid deduct in year 1, 2, and 3?

Reference no: EM132431897

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