Cost Recovery (Depreciation, Depletion, & Amortization) Practice

Question 1 of 3

Gold Corp. purchased all the assets of a sole proprietorship, including the following intangible assets:

  • Goodwill: $50,000
  • Covenant not to compete: 13,000

For tax purposes, what amount of these purchased intangible assets should Gold amortize over the specific statutory cost recovery periods?