Amortized over their legal lives
Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.
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The trustee has a $700 short term capital loss carryover from prior year. Prepare a Form 1041, and any needed Schedule K-1 for Barclay Trust. Ignore the alternative minimum tax .
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