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What is the book tax difference for goodwill

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Reference no: EM131975184

Question - On January 1st, 2017, Tommy Corp acquired the assets of Kunle Corp in a taxable acquisition. As part of the transaction, Tommy Corp recognized $180,000 of goodwill for both financial accounting and tax purposes. During 2018, Tommy Corp determined that the carrying value of the goodwill should be reduced to $150,000. What is the book tax difference for goodwill in 2018?

A. $18,000 favorable

B. $18,000 unfavorable

C. $30,000 favorable

D. $30,000 unfavorable

E. None of the above

Reference no: EM131975184

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