3. Aluma co. has spent 600,000 in developing a new product. These costs meet the definition of an intangible asset under IAS 38 and have been recognized in the Statement of financial position. Local tax legislation allows these costs to be deducted for tax purposes when they are incurred. Therefore, they have been recognized as an expense for tax purposes. At the year-end the intangible asset is deemed to be impaired by 50,000. Required Calculate the tax base of the intangible asset at the accounting year-end