Where to enter deduction for purchase of a business

The purchase price paid for the business is allocated among the Fair Values of the identifiable assets (and liabilities, if any).  The balance is considered "Good Will".

Assets are hard items like a building, vehicle or even a table.  Assets will be depreciated over time.

Goodwill is an intangible asset that is associated with the purchase of one company by another. Specifically, goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets. Goodwill Definition (investopedia.com)

Goodwill is classified as an intangible asset on the balance sheet, since it can neither be seen nor touched. Goodwill is never amortized, because it is considered to have an indefinite useful life. Instead, management is responsible for valuing goodwill every year and to determine if an adjustment is required.