That sounds a bit awkward because goodwill is an intangible that should amortized over 15 years. I'm going to start showing legal statutes:
"General rule.
A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. The amount of such deduction shall be determined by amortizing the adjusted basis (for purposes of determining gain) of such intangible ratably over the 15-year period beginning with the month in which such intangible was acquired. "
All intangibles are amortized over a 15 year life. Also, Section 179 is a deduction that lets you take up to 250k of depreciation in your first year as long as you meet the rules and dont hit over the phase out beginning at 850k i think of assets.
BUT, I must remind you that I could be missing something because I dont know your EXACT tax situation. I'd have to discuss your facts in detail to be absolutely sure.
"General rule. A taxpayer shall be entitled to an amortization deduction with respect to any amortizable section 197 intangible. The amount of such deduction shall be determined by amortizing the adjusted basis (for purposes of determining gain) of such intangible ratably over the 15-year period beginning with the month in which such intangible was acquired. "
All intangibles are amortized over a 15 year life. Also, Section 179 is a deduction that lets you take up to 250k of depreciation in your first year as long as you meet the rules and dont hit over the phase out beginning at 850k i think of assets.
BUT, I must remind you that I could be missing something because I dont know your EXACT tax situation. I'd have to discuss your facts in detail to be absolutely sure.
But, again the general rule is 15 years.