Assets Are Grouped into Five Classes Under Provisions of §

question 2

Multiple Choice

Assets are grouped into five classes under provisions of § 338.The method of establishing the value of Class V, or intangible, assets in the nature of goodwill or going concern value is

• A)To determine the fair market value by appraisal on election date
• B)To assign 20 percent of fair market value to intangible assets according to the 20 percent allocation rule
• C)To assign what remains, after fair market value allocations to the four other classes, to the goodwill or going concern value
• D)All of the above
• E)None of the above

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