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Cost Recovery (Depreciation, Depletion, & Amortization) Practice Test
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Q1
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?
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?