Question

Section 197 intangibles:

O are amortized over a 15-year period.
O include goodwill, going-concern value, and information bases.
O are not amortized over the actual estimated useful life of the intangible asset.
O all of the choices are true.
O Were defined in the Revenue Reconciliation Act of 1993

Answer 1

Explanation:

The correct statement regarding Section 197 intangibles is:

include goodwill, going-concern value, and information bases.

Section 197 of the Internal Revenue Code provides for the amortization of certain intangible assets over a 15-year period. The specified intangible assets include goodwill, going-concern value, and certain information bases. This is the accurate description based on the given options.