Provide Value For Blank of Question On September 30, 2015, Priscillapurchased a business. Of the purchaseprice, $178,000 is allocated to a patentand $1,068,000 to goodwill. The2015 §§197 amortization deduction is$

Step 1: Define Amortization DeductionAccording to US tax law, the amortization subtracts specific…

Answered: On September 30, 2015, Priscilla…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

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Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 28CE

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Exercise 8-26 (Algorithmic) (LO. 7) On October 1, 2021, Verónica purchased a business. Of the purchase price, $78,000 is allocated to a patent and $468,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Verónica's 2021 § 197 amortization deduction.
15. Blue Company sold machinery for $45,000 on December 23, 2021. The machinery had been acquired on April 1, 2019, for $69,000 and its adjusted basis was $34,200. The § 1231 gain, § 1245 recapture gain, and § 1231 loss from this transaction are: a.$0 § 1231 gain, $0 § 1245 recapture gain, $14,800 § 1231 loss. b.$0 § 1231 gain, $10,800 § 1245 recapture gain, $34,200 § 1231 loss. c.$0 § 1231 gain, $34,200 § 1245 recapture gain, $0 § 1231 loss. d.$0 § 1231 gain, $10,800 § 1245 recapture gain, $0 § 1231 loss.
Q7.
LO.7 On October 1, 2019, Priscilla purchased a business. Of the purchase price, 60,000 is allocated to a patent and 375,000 is allocated to goodwill. Calculate Priscillas 2019 197 amortization deduction.
On May 1, 2015, Zoe Inc. purchased Branta Corp. for $15,000,000 in cash. They only received $12,000,000 in net assets. In 2016, the market value of the goodwill obtained from Branta Corp. was valued at $4,000,000, but in 2017 it dropped to $2,000,000. Prepare the journal entry for the creation of goodwill and the entry to record any impairments to it in subsequent years.
Compute for the gain on sale of patent under the following problem A) P2,620,000 B) P925,000 C) P1,078,125 D) P995,000
Company A purchased a patent from Company B on 6/30/2021 for $660,000. The useful life of the patent is estimated to be six years. On 12/31/2024 the fair market value of the patent was $250,000, while the undiscounted future net cash flows related to the patent were $300,000. Q1. Please record the journal entry, if necessary, to record impairment of the patent on 12/31/2024
On January 1, 2015, Moose Co. purchased for $360,000 a patent that had been granted two years earlier. On January 1, 2017, legal costs of $64,000 were incurred in a successful defense of the patent. Assuming the maximum period allowable is used for patent amortization, what is Moose's patent amortization expense for 2017? $21,555 $20,000 $18,000 $24,000
On July 1, 2022, Oriole Company purchased the copyright to Cheyenne Corp. for $260000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2022 would be $26000. $52000. $24687. $48100.
Assume that Timberline Corporation has 2023 taxable income of $248,000 for purposes of computing the §179 expense. It acquired the following assets in 2023: (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Asset Furniture (7-year) Computer equipment (5-year) Copier (5-year) Machinery (7-year) Total Problem 10-58 Part a (Algo) Purchase Date December 1 February 28 a-1. Maximum §179 expense a-2. Maximum §179 carryforward to 2023 July 15 May 22 Required: a-1. What is the maximum amount of $179 expense Timberline may deduct for 2023? a-2. What is Timberline's §179 carryforward to 2024, if any? $ 1,050,000 $ Basis $ 526,000 98,000 38,000 588,000 $ 1,250,000 0
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On September 30, 2015, Priscilla purchased a business. Of the purchase price, $178,000 is allocated to a patent and $1,068,000 to goodwill. The 2015 §§197 amortization deduction is $