Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $238,600 47,720 59,650 $345,970 Goodwill Covenant not to compete Total How much of the $345,970 purchase price is for Section 197 intangible assets? b: What amount can Derek deduct o his 2020 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations:'

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05-12-2022
Business

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Derek purchases a small business from Art on September 1, 2020. He paid the following amounts for the business: Fixed assets $238,600 47,720 59,650 $345,970 Goodwill Covenant not to compete Total How much of the $345,970 purchase price is for Section 197 intangible assets? b: What amount can Derek deduct o his 2020 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not days, in your computations:'

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