Acquired goodwill is considered to be a Section 197 asset amortized over 15 years for tax purposes.

Name: Acquired goodwill is considered to be a Section 197 asset amortized over 15 years for tax purposes.
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Quizplus · Accepted Answer

This is true according to the Internal Revenue Service (IRS) guidelines. Goodwill acquired in a business purchase can be deducted as an amortization expense over a 15-year period for tax purposes.

Acquired Goodwill Is Considered to Be a Section 197 Asset