How is Goodwill expensed for tax purposes after a company purchases another company?

Answer 1

Goodwill and other acquired intangibles in an asset purchase can be amortized on a straight line basis over 15 years. This applies to goodwill, going concern value, labor force in place, contracts in place and non-compete agreements. Buyer and seller must agree to the allocation of the purchase price among fixed assets and goodwill on Form 8594 I think.