oakhillsal
Level 3

A partnership was dissolved by one partner buying out the other. The remaining party continues the business as as sole proprietorship. All the hard assets stayed with the business.  The selling partners share was 49% and he invested $19,600.  The buying partner paid the selling partner $10,000 for his part of the business.  Does the $10,000 constitute an asset that can be depreciated or amortized?

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