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Andrew purchased maple manufacturing company on march 17 of the current year for a lump-sum price of $3.5 million. the value of the assets was as follows: carryingfair $ 100,000$ 100,000cash500,000500,000equipment1 ,650,0001,750,000building400,000750 ,000land100,000150,000covenant not to compete0175,000goodwill075,000andre w assumed no liabilities. what is his basis in the covenant not to compete?
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Andrew purchased maple manufacturing company on march 17 of the current year for a lump-sum price of...
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