Question 29 of 40. Hank, an attorney and sole practitioner, decided to retire in 2019....
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Accounting
Question 29 of 40.
Hank, an attorney and sole practitioner, decided to retire in 2019. On March 13, he sold his law firm to Melody, another attorney who was looking to expand her practice. Under the sales agreement, Melody paid $8,000 for the goodwill that Hank had garnered throughout his legal career. How much of this may Melody deduct on her 2019 return?
$444
$533
$5,444
$5,533
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