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What amount can Derek deduct on his tax return

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Question - 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

What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? Use months, not days, in your computations. Round your answer to the nearest dollar.

Reference no: EM132535828

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