During 2020, the Lardly Company spent $675,000 to acquire a government license with an unlimited life. The Company's accountant, because of his limited experience with assets of this type, allocated this cost to Class 8. This error was discovered in early 2021. What was the impact of this error on the Company's 2020 deductions from business income?

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The Answer of During 2020, the Lardly Company spent $675,000 to acquire a government license with an unlimited life. The Company's accountant, because of his limited experience with assets of this type, allocated this cost to Class 8. This error was discovered in early 2021. What was the impact of this error on the Company's 2020 deductions from business income?

During 2020, the Lardly Company Spent $675,000 to Acquire a Government