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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter9: Acquisitions Of Property

Section: Chapter Questions

Problem 44P

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Hi expert please give me answer general accounting

Taylor Inc. acquires trademarks from Wilson Co. for a total of
$1,200,000. The trademarks were carried on Wilson's books
as follows:
■ Trademark X: $400,000
⚫ Trademark Y: $300,000
.
Trademark Z: $500,000
When Taylor acquired the trademarks, their fair market values
were:
⚫ Trademark X: $450,000
. Trademark Y: $350,000
⚫ Trademark Z: $450,000
At what amount should Taylor record Trademark Y?
a. $350,000
b. $300,000
c. $450,000
d. $400,000

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