On April 23, Mrs. Y purchased a taxi business from Mr. M for a lump-sum price of $60,000. The business consists of a two-year-old taxicab worth $19,000, Mr. M’s license to operate a taxi business in Baltimore, his list of regular clients and his registered business name “On Time Any Time Taxis.” Mrs. Y opened the business from April 24 through the end of the year. Compute Mrs. Y’s taxable income from the taxi business if her taxable income before consideration of any cost recovery deductions was $40,000. (For intangibles, the taxpayer is allowed a full month of amortization in the month the intangible is acquired. Also, assume she takes full advantage of the Section 179 immediate expensing election with respect to the taxi.)