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April 25, 2014

Homework Help: AC 323CT

Posted by aaron on Thursday, March 31, 2011 at 10:39am.

. Harold Stevenson purchased substantially all of the business assets of the Troy
Creamery on January 17. As part of the purchase price he paid $200,000 for the patent on
an ice cream making process. Harold also pays $20,000 for the business's goodwill and
another $20,000 for the seller's covenant not to compete for the next five years. Compute
Harold's amortization deduction for the year of purchase.

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