QUESTION NINE Takeover Corp. purchased another business in 2021. The purchase price included $100,000...

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Accounting

QUESTION NINE
Takeover Corp. purchased another business in 2021. The purchase price included $100,000 for goodwill. In 2023, the
acquired business was sold. The sale price included $140,000 for the goodwill.
Calculate the amount to be included in Takeover Corp.'s business income in 2023. Assume the Class 14.1 balance at ?bar( Page 191)
the beginning of 2021 is $0.
CPA Competency 6.2.2 Goodwill. Income tax reference: ITA: 13(1),20(1)(); Reg. 1100(2).
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