What amount can deduct on tax return-intangible amortization, Accounting Basics

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What amount can deduct on tax return-intangible amortization

Derek purchases a small business from Arton September 1, 2008. He paid the following amounts for the business.

Fixed assets $220,000

Goodwill $40.000

Covenant not to compete $45,000

Total $305,000

a. How much of the $305,000 purchase price is for Section 197 intangible assets?

b. What amount can Derek deduct on his 2008 tax return as Section 197 intangible amortization?

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Accounting Basics: What amount can deduct on tax return-intangible amortization

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Recent Questions Asked Accounting Basics

Q : What amount can deduct on tax return-intangible amortization

Q : Prepare the entries to record sales and collections

Q : Compute the anticipated break-even sales

Q : Issuance of the bonds and warrants

Q : What amount can deduct on tax return-intangible amortization

Q : What are the two risks

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Q : Michele requires a portfolio

Q : What amount of loss recognized for tax purposes

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Accounting Basics: What amount can deduct on tax return-intangible amortization

Reference No:- TGS0555785

Recent Questions Asked Accounting Basics

Q : What amount can deduct on tax return-intangible amortization

Q : Prepare the entries to record sales and collections

Q : Compute the anticipated break-even sales

Q : Issuance of the bonds and warrants

Q : What amount can deduct on tax return-intangible amortization

Q : What are the two risks

Q : Prepare the journal entry to record bad debts expense

Q : Michele requires a portfolio

Q : What amount of loss recognized for tax purposes

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