Xylo, a calendar-year C corporation, acquired the assets of Yerkes, also a calendar-year C corporation, on March 1 of the current year. One of the assets acquired was a trademark to which Xylo properly allocated $1,200,000 of the purchase price. What is Xylo's amortization deduction for the current year?

$66,667

Explanation;

Calculation for the amortization deduction for the current year

The value or amount of trademarks that is been acquired due to the conduct of either a trade or business will be amortized over a period of 15-year

Hence:

Amortization deduction for the current year=[($1,200,000 ÷ 15 years) ÷ 12 months] × 10 months

Amortization deduction for the current year=$66,667

Note that March 1 to December 31 December will give us 10 months

Therefore the Amortization deduction for the current year will be $66,667

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