Irs Code Section 197
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Irs code section 197. A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. The amount of such deduction shall be determined by amortizing the adjusted basis for purposes of determining gain of such intangible ratably over the 15 year period beginning with the month in which such intangible was acquired. The amount of such deduction shall be determined by amortizing the adjusted basis for purposes of determining gain of such intangible ratably over the 15 year period beginning with the month in which such intangible was acquired.
A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. Section 197 intangibles are certain intangible assets acquired after august 10 1993 or after july 25 1991 if chosen in connection with the acquisition of a business which must be amortized over 15 years from the date of acquisition regardless of the assets useful life. Internal revenue code 197.
These intangible assets must usually be amortized over 15 years. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. For more detailed codes research information including annotations and citations please visit westlaw.
Section 197 amortization rules apply to some business assets but not to others. A section 197 intangible is treated as depreciable property used in your trade or business. The amount of such deduction shall be determined by amortizing the adjusted basis for purposes of determining gain of such intangible ratably over the 15 year period beginning with the month in which such intangible was acquired.
You must amortize these costs if you hold the section 197 intangibles in connection with your trade or business or in an activity engaged in for the production of income. A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. What are section 197 intangibles.
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