No.  To be brutally honest, the fact that you are even asking this question suggests that you need to take some business courses or hire an accountant before you invest in any kind of business.  You could really mess up your taxes and owe massive penalties.

When you buy a business, you are investing your personal money in the business.  It's an investment, like buying gold or stocks or a house.  If you later sell the business for more than you invested, that will be a taxable capital gain in the year you sell the business.  That taxable gain would be in addition to any taxable income the business generates from regular month to month or year to year operations.  If the business goes bankrupt or you sell it for less than your investment, you may have a deductible loss when that happens, but that gets complicated and you would need further tax advice at that time. 

I agree that speaking to a tax professional one on one would be very beneficial prior to acquiring any business.

However, some high level discussion:

• You need to consider the type of entity in which you will operate
• You need to consider how you will be acquiring the business; stock purchase or asset purchase
• If an asset purchase, there is a specific IRS form that needs to be completed that will detail at a high level the type of assets sold / acquired. 
• If an asset purchase, the asset class will determine the depreciable / amortizable life of the purchase price
• There are fewer stock purchases these days, however, there is an option to acquire the stock and treat it as an asset acquisition.

The bottom line is generally with an asset purchase you are able to either depreciate or amortize the purchase price over a period of time.  

Thank you, rick!  Yes, I think the amortization process is more of what I'm asking about.  But I found out that it also depends a lot on the state and municipality regulations of what's allowable so will be reaching out to a CPA .

State and municipality rules / regulations don't impact federal tax law.

Speaking with a tax professional will pay dividends in the long run.