Answer :
The given statement "goodwill and customer lists are examples of §197 amortizable assets" is true.What is goodwill?Goodwill is an accounting term used to describe the value of an asset that exceeds its book value. An asset's book value is the actual value of the asset in question minus any outstanding liabilities it may have.
In short, goodwill reflects the total amount paid for an asset minus its book value. An asset's goodwill is the value of the asset that is not reflected in its book value.What are customer lists?A customer list is a list of customers or potential customers' names and contact information that a company uses to market and sell its goods or services. A customer list may contain a customer's name, address, phone number, email address, and other relevant contact information.
Companies typically use customer lists to target their marketing efforts toward customers who are most likely to purchase their products or services. As a result, customer lists are a valuable asset that can generate significant revenue for a company over time.What are amortizable assets?Amortizable assets are assets that have a limited useful life and lose value over time. As a result, these assets must be depreciated over time to reflect their reduced value. Goodwill and customer lists are examples of §197 amortizable assets. As a result, they can be written off over a specified period of time, reducing their value each year until they are fully depreciated.
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