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Scott Purchases a Small Business from Lew on July 1

Question 99

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Scott purchases a small business from Lew on July 1, 2015. He paid the following amounts for the business:
​ Scott purchases a small business from Lew on July 1, 2015. He paid the following amounts for the business: ​ a.How much of the $458,000 purchase price is for Section 197 intangible assets? b.What amount can Scott deduct on his 2015 tax return as Section 197 intangible amortization?
a.How much of the $458,000 purchase price is for Section 197 intangible assets?
b.What amount can Scott deduct on his 2015 tax return as Section 197 intangible amortization?

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