Section 197 Intangibles

Section 197 Intangibles are.

certain intangibles, acquired in connection with a trade or business for the production of income, for which a deduction for amortization is allowed. Such property includes any of the following:

• goodwill and going-concern value.

• intangible property that relates to the work force, information base, know-how, customers, or supplies.

• licenses or permits issued by a government agency.

• covenants not to compete.

• a franchise, trademark, or trade name The amortization period is normally 15 years.