Section 197 (intangible) property acquired as part of an acquisition of a business is amortized over: A)...
Section 197 (intangible) property acquired as part of an acquisition of a business is amortized over:
A) 15 years
B) the remainder of the property's useful life
C) the lesser of a. and b.
D) the greater of a and b
E) none of the above
Homework Answers
Solution:
Correct answer of this question is option (A) 15 years
Reason: As per Section 197, intangible assets acquired in connection with the acquisition of a business must be amortized over 15 years from the date of such acquisition regardless of the assets useful life.
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