A patent should be amortized over its legal life, or useful life, whichever is shorter, but the term should not exceed 20 years.

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This statement is correct. Generally, a patent is amortized over its legal life, or useful life, whichever is shorter. The legal life of a patent is generally 20 years from the filing date of the application. However, the useful life of a patent may be shorter than the legal life, depending on factors such as technological advancement and market demand. Therefore, the term of the patent should not exceed 20 years.

A Patent Should Be Amortized Over Its Legal Life, or Useful