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On July 11, 2020, Ted purchased a small software company for $200,000. He paid $120,000...

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Accounting

On July 11, 2020, Ted purchased a small software company for $200,000. He paid $120,000 for the
fixed assets of the company and $80,000 for goodwill. How much amortization may Ted deduct on his 2020 tax return for the purchased goodwill?
a. $5,750
b. $2.667
c. $80,000
d. 0
e. $5,333
image
2 mpleted Time Spent: 01:12:06 Time Limit: Unlimited Started At: Oct 25, 2021 4:45 PM Last Worked: Oct 25, 2021 5:58 PM Submitted At: Oct 25, 2021 5:58 Submitted By: Student Selected Item Attempt Preview Preview in Window Large Preview On July 11, 2020, Ted purchased a small software company for $200,000. He paid $120,000 for the fixed assets of the company and $80,000 for goodwill. How much amortization may Ted deduct on his 2020 tax return for the purchased goodwill? a. $5,750 b. $2,667 c. $80,000 d. So X. e. $5,333 Learning | Privacy Center | Terms of Use | Copyright Notices | Cengage Technical Support | Accessibility | Version 8.0

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