Asked by aaron
. Harold Stevenson purchased substantially all of the business assets of the Troy
Creamery on January 17. As part of the purchase price he paid $200,000 for the patent on
an ice cream making process. Harold also pays $20,000 for the business's goodwill and
another $20,000 for the seller's covenant not to compete for the next five years. Compute
Harold's amortization deduction for the year of purchase.
Creamery on January 17. As part of the purchase price he paid $200,000 for the patent on
an ice cream making process. Harold also pays $20,000 for the business's goodwill and
another $20,000 for the seller's covenant not to compete for the next five years. Compute
Harold's amortization deduction for the year of purchase.
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