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On January 1 of the current year, Palm Corporation purchased the net assets of Vicki's unincorporated business for $600,000. The tangible net assets have a $300,000 book value and a $400,000 FMV. The purchase agreement states that Vicki will not compete with Palm corporation by starting a new business in the same area for a period of fiver years.. The stated consideration received by Vicki for the covenant not to compete is $50,000. Other intangible assets included in the purchase agreement are as follows:
Goodwill: $70,000
Patents (12 year - year remaining legal life): $30,000
Customer list : $50,000
a. How would Vicki's assets be recorded for tax purposes by Palm corporation?b. What is the amortization amount for each intangible asset in the current year?
According to the December 22, 2003 issue of Forbes, given below are the ten questions every investor should ask before purchasing a stock;
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Issuance of SI par value common stock at an amount greater than par value and donation of land by a governmental unit to a corporation
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