My daughter has a very small franchised licensed music business. A town 50 miles away has an identical business. She bought this business out as an expansion of her current business. Assests were minimal at under $500. Basically what she bought was the other indivduals license. Total purchase was under $5000.00. Can she deduct the total amount she paid for the business as a single business deduction this year, or does this require amortization over 15 years?
