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How much amortization expense on the goodwill can ingrid

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After several profitable years running her business, Ingrid decided to acquire the assets of a small competing business. On May 1 of year 1, Ingrid acquired the competing business for $300,000. Ingrid allocated $50,000 of the purchase price to goodwill. Ingrid's business reports its taxable income on a calendar-year basis. How much amortization expense on the goodwill can Ingrid deduct in year 1, year 2, and year 3?

Reference no: EM132317532

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