Gessner LLC Patented a Process It Developed in the Current

question 3

Multiple Choice

Gessner LLC patented a process it developed in the current year. The patent is expected to create benefits for Gessner over a 10-year period. The patent was issued on April 15 ^th and the legal costs associated with the patent were $43,000. In addition, Gessner had unamortized research expenditures of $15,000 related to the process. What is the total amortization amount Gessner may deduct during the current year?

• A)$2,417
• B)$2,174
• C)$4,108
• D)$4,350
• E)None of the choices are correct.

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Definitions:

Openness to Experience

A personality trait characterized by a willingness to try new things and be open to new and diverse experiences.

Narrow Minded

Having or showing a limited outlook or willingness to consider alternative ideas, perspectives, or options.

Operations

The day-to-day activities involved in running a business, producing goods, or providing services, focusing on efficiency and effectiveness of the process.

Internal Locus

The belief that individuals control their own destiny and outcomes are primarily the result of their own efforts.