Answer :
The statement is true. Goodwill and customer lists are examples of §197 amortizable assets.
Goodwill and customer lists are indeed examples of §197 amortizable assets. Section 197 of the U.S. Internal Revenue Code provides guidelines for the treatment of intangible assets acquired in the acquisition of a business. It specifies that certain intangible assets, known as §197 assets, can be amortized over a 15-year period for tax purposes.
Goodwill represents the value of a business beyond its tangible assets and is often associated with factors such as reputation, customer loyalty, and brand recognition. Customer lists, on the other hand, are considered valuable intangible assets that provide access to an established customer base, which can contribute to future revenue generation.
Both goodwill and customer lists meet the criteria for §197 amortizable assets, as they are acquired in the context of a business acquisition and provide long-term benefits to the acquiring entity. As a result, they can be amortized over the designated 15-year period for tax purposes, allowing the acquiring entity to allocate the cost of these assets over time.
Learn more about amortizable assets here: https://brainly.com/question/33043470
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