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Thanks for all the responses, I was the original poster. I found this website:
http://www.businessweek.com/stories/2006-01-11/when-is-your-web-site-deductible
Where it says:
Since a Web site is continuously being tweaked, changed, and updated, a 15-year life seems out of line," says Donald Lucove, a CPA with Lucove, Say & Co. in Calabasas, Calif. "These expenditures would likely fall into the classification of software and be considered a three-year depreciable item."
Which in a way makes sense, most websites do not last for 15 years, they probably just last for a few years.
The only difference in this example is that they are talking about creating and developing a website from scratch, where as I buy them. Also, I have not been able to locate the actual ISP paper.
What do you guys think?
@view2 - Thanks for an excellent answer! I'm trying to figure out whether domains in my own domain-selling business are assets or inventory (see my similar question). I looked through the Panavision International, L.P. v. Toeppen case you mentioned, but the principal arguments there are specifically about cybersquatting. Would you be able to point to the precise language in that opinion (or anywhere else) that distinguishes when domain names should be considered assets vs. inventory?
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