You would be able to amortize the cost of purchasing the business.
- Enter this under Assets/Depreciation, and on the screen Describe this Asset, check Intangibles, Other Property. See the screenshot.
- On Tell Us a Little More, choose Amortizable Intangibles
- When you get to the screen Select a Code Section, choose 197. (See this link, and search for Section
197 Intangibles Defined.)
Your amortization will be computed.
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