Jorge purchased a copyright for use in his business in the current year. The purchase occurred on July 15^th and the purchase price was $75,000. If the copyright has a remaining life of 75 months, what is the total amortization expense Jorge may deduct during the current year? (Assume not in an asset acquisition to which §197 applies) A) $0. B) $5,500. C) $6,000. D) $12,000. E) None of the choices are correct.

Question

Quizplus · Accepted Answer

The amortization is $6,000 ($75,000/75) × 6. The amortization period on a purchased copyright is the asset's remaining useful life.

Jorge Purchased a Copyright for Use in His Business in the Current