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On January 1 of the current year, Palm Corporation purchased the net assets of Vicki's unincorporated business for $600,000. The tangible net assets have a $300,000 book value and a $400,000 FMV. The purchase agreement states that Vicki will not compete with Palm corporation by starting a new business in the same area for a period of fiver years.. The stated consideration received by Vicki for the covenant not to compete is $50,000. Other intangible assets included in the purchase agreement are as follows:
Goodwill: $70,000
Patents (12 year - year remaining legal life): $30,000
Customer list : $50,000
a. How would Vicki's assets be recorded for tax purposes by Palm corporation?b. What is the amortization amount for each intangible asset in the current year?
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