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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