Section 33 Intangible Assets
| Library | Bus Trans 2005 |
Before the Revenue Reconciliation Act of 1993, Pub. L. No. 103-66, 107 Stat. 416, goodwill could not be amortized, but a covenant not to compete could be amortized if it had a determinable useful life. Under the new provisions, I.R.C. § 197 intangibles acquired after August 10, 1993, must be amortized over 15 years. I.R.C. § 197(a). Treasury Regulation § 1.338-6(b)(2) has been amended to reclassify all I.R.C. § 197...
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