Acquired goodwill is considered to be a selection 1977 assest amortized over 15 years for tax...

Question

Question

Acquired goodwill is considered to be a selection 1977 assest amortized over 15 years for tax purposes
true or false

Answer 1

Answer #1

Ans-	TRUE
	Acquired goodwill is considered to be a section 197 asset amortized over 15 years for tax purposes. Section 197 of IRS Code requires cost of acquired certain intangibles In relation to trade or business to be amortzed over 15 years. Such intangibles includes acquired goodwill also.

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Answer 2

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