Over what time period do corporations amortize purchased goodwill for tax purposes?

Question

Quizplus · Accepted Answer

According to the IRS, corporations must amortize purchased goodwill over a period of 180 months for tax purposes. This means that the corporation can deduct a portion of the goodwill each year for a total of 15 years. This is based on the assumption that goodwill has a finite life and will eventually lose its value, which is why it needs to be amortized.

Over What Time Period Do Corporations Amortize Purchased Goodwill for Tax