AboutRonald J. Cappuccio, J.D., LL.M.(Tax) Expertise I have extensive experience in negotiating emerging business contracts and agreements, joint ventures, limited laibility company buy-sell agreements and buying and selling businesses. My approach is from a legal, tax and business prospective gearing my negotiations to practical solutions rather than merely drafting impractical documents
Experience I have have been an attorney since 1976 emphasizing business and tax law issues. I am an adjunct law professor in negotiation and alternative dispute resolution.
Organizations American Bar Associtiation
New Jersey State Bar Association
Camden County Bar Association
Question I have a client that has purchased a business (Dentist business) and there was a substantial amount paid for Goodwill and Goodwill Covenant. Since the intangibles cannot be depreciated what can we do to obtain a tax break?
Thanks!
Answer Les:
Internal Revenue Code Section 197 provides for a 15 year amortization for intangible assets in a business acquisition. In addition, you can look for one year deduction on the acquisition of new business equipment purchased separately. Frankly, it is best to have a tax and business attorney review the transaction BEFORE documents are signed!
