On june 2 2010 lokar corporation purchases a patent for, Ask an Expert

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On June 2, 2010, Lokar Corporation purchases a patent for $68,000 from the inventor of a new extrusion process. The patent has 12 years remaining on its legal life. Also, Lokar purchases substantially all the assets of the Barrios Corporation for $750,000 on September 8, 2010. The values of the assets listed in the purchase agreement are as follows:

Inventory	$250,000
Manufacturing equipment	320,000
Patent on compression process	105,000
Goodwill	95,000

Determine the maximum 2010 cost-recovery deductions for the assets purchased.

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M91700866

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