Impairment is the difference in value between the carrying amount of goodwill and the actual fair value of the goodwill. However, for federal income tax reporting purposes:
B) Such intangibles assets which are purchased must be carried at cost and amortized over their useful lives and cannot be written down or written off at date of acquisition.
A) The cost of developing, maintenance, or restoring intangibles which are unidentifiable, have indeterminate lives, or are inherent in a continuing enterprise should be expensed as incurred.
D) The cost of developing, maintenance, or restoring intangibles which are unidentifiable, have indeterminate lives, or are inherent in a continuing enterprise should be expensed as incurred. By contrast, such intangibles assets which are purchased must be carried at cost and amortized over their useful lives and cannot be written down or written off at date of acquisition.
A) The cost of developing, maintenance, or restoring intangibles which are unidentifiable, have indeterminate lives, or are inherent in a continuing enterprise should be expensed as incurred.
A) The cost of developing, maintenance, or restoring intangibles which are unidentifiable, have indeterminate lives, or are inherent in a continuing enterprise should be expensed as incurred.
I disagree. I believe the answer is D) The cost of developing, maintenance, or restoring intangibles which are unidentifiable, have indeterminate lives, or are inherent in a continuing enterprise should be expensed as incurred.
I agree with Jaime. It makes sense because identifiable intangible assets with indefinite lives should not be amortized for federal income tax reporting purposes.
Merri
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