Question

Which of the following items acquired as part of an acquisition of a business is not Section 197 intangible property? A. Good

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Option E is correct. All of the above are section 197 intangible property.
As per the list provided below, All of the above are section 197 intangible property.

Explanation:
The following assets are section 197 intangibles and must be amortized over 180 months:

  1. Goodwill;
  2. Going concern value;
  3. Workforce in place;
  4. Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers;
  5. A patent, copyright, formula, process, design, pattern, know-how, format, or similar item;
  6. A customer-based intangible;
  7. A supplier-based intangible;
  8. Any item similar to items (3) through (7);
  9. A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals);
  10. A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business;
  11. Any franchise, trademark, or trade name; and
  12. A contract for the use of, or a term interest in, any item in this list.
Add a comment
Know the answer?
Add Answer to:
Which of the following items acquired as part of an acquisition of a business is not...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT