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Author: CPCA Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121258  
Subject: GOODWILL AMORTIZ. Date: 6/11/2001 10:09 AM
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IS GOODWILL AMORTIZATION DEDUCTIBLE FOR INCOME TAX ?
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Author: duggg Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51730 of 121258
Subject: Re: GOODWILL AMORTIZ. Date: 6/11/2001 6:10 PM
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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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Author: kktice Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51788 of 121258
Subject: Re: GOODWILL AMORTIZ. Date: 6/13/2001 11:05 AM
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Goodwill is in fact amortizable, according to IRC 197

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Author: LoTax One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 51825 of 121258
Subject: Re: GOODWILL AMORTIZ. Date: 6/14/2001 3:02 PM
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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?

--
LoTax

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