On June 2 2011 Lokar Corporation Purchases A Patent For

On June 2, 2011, 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, 2011. The values of the assets listed in the purchase agreement are as follows:
Inventory ………. $250,000
Manufacturing equipment ….. 686,000
Patent on compression process … 105,000
Goodwill ………… 95,000

Determine the maximum 2011 cost-recovery deductions for the assets purchased.

Place this order or similar order and get an amazing discount. USE Discount code “GET20” for 20% discount