Final answer:
The Code Section that covers amortization is Section 197, which allows for the straight-line amortization of certain intangible assets such as goodwill over a 15-year period.
Step-by-step explanation:
The Internal Revenue Code (IRC) Section that covers the topic of amortization is Section 197. Amortization refers to the gradual write off of the cost of certain intangible assets over a period of time for tax purposes. IRC Section 197 specifically deals with the amortization of goodwill and certain other intangibles.
It allows for a straight-line amortization over a 15-year period. For example, if a business acquires an intangible asset, such as a patent or copyright, they can generally deduct a certain portion of its cost each year over this 15-year period.