Scott purchases a small business from Lew on July 1, 2016. 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 2016 tax return as Section 197 intangible amortization?

Question

Scott purchases a small business from Lew on July 1, 2016. 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 2016 tax return as Section 197 intangible amortization?

Quizplus · Accepted Answer

The Answer of Scott purchases a small business from Lew on July 1, 2016. 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 2016 tax return as Section 197 intangible amortization?

Scott Purchases a Small Business from Lew on July 1