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On January 2, 2020, Fran acquires a business from Chuck. Among the assets purchased are the...

On January 2, 2020, Fran acquires a business from Chuck. Among the assets purchased are the following intangibles: patent with a 7-year remaining life, a covenant not to compete for 10 years, and goodwill. Of the purchase price, $140,000 was paid for the patent and $60,000 for the covenant. The amount of the excess of the purchase price over the identifiable assets was $100,000.

What is the amount of the amortization deduction for 2020? $10,667. $16,000. $20,000. $32,667. None of the above.

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