Assume the same facts but the taxpayer paid only 5000 would, Accounting Basics

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Assume the same facts but the taxpayer paid only 5000 would

Taxpayer purchased a business from John Doe. Because of John Doe's reputation, Taxpayer paid him $100,000 for a covenant not to compete for five years. (a) How should Taxpayer amortize the covenant? Explain with references to primary sources. (b) Assume the same facts, but the taxpayer paid only $5,000. Would your answer change? Explain with references to primary sources.

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Accounting Basics: Assume the same facts but the taxpayer paid only 5000 would

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Accounting Basics: Assume the same facts but the taxpayer paid only 5000 would

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