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What amount can Derek deduct

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Problem - Derek purchases a small business from Art on June 30, 2019. He paid the following amounts for the business:

Fixed assets $180,000

Goodwill 40,000

Covenant not to compete 30,000

Total $250,000

Required -

a. How much of the $250,000 purchase price is for Section 197 intangible assets?

b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization?

Reference no: EM132676292

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