Amortize Intangible Assets Practice Test

Under Section 197, intangible assets acquired in connection with a business acquisition are amortized over which period and using which method?

A corporation acquires a business on July 1, Year 1, allocating the purchase price as follows: tangible assets $1,200,000; customer list $120,000; covenant not to compete $60,000; goodwill $420,000. What is the total amortization deduction for Year 1?