acquired goodwill is considered to be section 197 asset amortized over 15 years for tax purposes...
acquired goodwill is considered to be section 197
asset amortized over 15 years for tax purposes
true or false
Homework Answers
Answer: True
Explanation:
The IRS designates certain assets as intangible assets under Section 197 of the Internal Revenue Code. And these intangible assets must be amortized over 15 years.
It includes 'Goodwill' as an intangible asset. But, it should be acquired not created.
Hence,
acquired goodwill is considered to be section 197 asset amortized over 15 years for tax purposes
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