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Compute harold''s amortization deduction for the year

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Reference no: EM131769210

Question - 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.

Reference no: EM131769210

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