Items Not Section 197 Intangibles
The following items are not considered section 197 intangibles:
- Copyrights and patents, interests in films, sound recordings, video tapes, books, or other similar property
- However, if any of these intangibles are acquired as part of a purchase of a business, then they are classified as section 197 intangibles and you may amortize their cost over 15 years.
- Interests in:
- a corporation, partnership, trust, or estate
- Certain financial contracts, or under existing leases of tangible property, or under existing indebtedness
- Sports franchises
- Certain corporate transaction costs
- Certain computer software
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- Return to the Business Deductions Table of Contents to find related links