On January 2,2010,Fran Acquires a Business from Chuck

question 82

Multiple Choice

On January 2,2010,Fran acquires a business from Chuck.Among the assets purchased are the following intangibles: patent with a 9-year remaining life,a covenant not to compete for 12 years,and goodwill. Of the purchase price,$150,000 was paid for the patent and $48,000 for the covenant.The amount of the excess of the purchase price over the identifiable assets was $87,000.What is the amount of the amortization deduction for 2010?

• A)$13,200.
• B)$15,800.
• C)$19,000.
• D)$26,467.
• E)None of the above.

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Definitions:

Refillable Containers

Containers designed to be reused for the same purpose, allowing consumers to refill the product instead of disposing of the container.

Downy

In a non-brand context, the term can refer to anything characterized by being soft, fluffy, or tender, often used to describe textures.

False Claims

False claims refer to assertions or statements made that are untrue or misleading, often used in advertising or legal contexts.

Canada Competition Act

A Canadian federal law designed to promote fair competition in the marketplace by regulating anti-competitive practices.