On january 1, fast, inc., entered into a covenant not to compete with swift, inc., for a period of 5 years, with an option by swift to extend it to 7 years. what is the amortization period of the covenant for tax purposes?

Read the scenario. alfonso is 19 years old and has a high school diploma. recently, he was promoted to assistant manager at the fast-food restaurant where he has worked since the age of sixteen. his dream is to become the restaurant’s manager. what is his best option for achieving his dream? he should find another job and work his way up to a higher position. he should hope that his manager transfers to another location and that he is his replacement. he should attend classes at the local college to receive training in management. he should work hard, work longer hours, and remain assistant manager.