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IS GOODWILL AMORTIZATION DEDUCTIBLE FOR INCOME TAX ?
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GPCA shouts,

IS GOODWILL AMORTIZATION DEDUCTIBLE FOR INCOME TAX ?

According to http://www.nysscpa.org/cpajournal/old/14152806.htm,

Currently, IRC Reg. Sec. 1.167(a)-3 specifically prohibits the write off of "goodwill." Amortization is allowed on other intangible assets as long as the asset meets the following criteria established in Rev. Rul. 74-456: 1) A specific useful life can be determined and 2) the asset has a value separate and distinct from goodwill.
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Goodwill is in fact amortizable, according to IRC 197
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duggg: Your material is quite obsolete. [It's from 1993.]

IRC Section 197 now provides a 15-year amortization of goodwill and similar intangible business assets for income tax purposes.

There should be a really good discussion of this in an IRS Pub. I don't know the number. Anyone?

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LoTax
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