AICPA testifies in support of legislation on intangibles.Leonard Leon·ard , Ray Charles Known as "Sugar Ray." Born 1956. American boxer who won the 1976 Olympic light welterweight title. He held five world titles as both a welterweight and middleweight between 1979 and 1987. Noun 1. Podolin Podolin is a village in the gmina of Wapno, Powiat of Wągrowiec, Greater Poland Voivodship. The village is first mentioned in an 1136 bull of Innocent III. Information about its history is also contained in the Liber beneficiorum of the Archbishop of Gniezno. , chairman of the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Institute of CPAs tax executive committee, testified before the Senate Finance Committee in support of legislation to allow the amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Podolin told the committee, "The allowance of intangible asset amortization is a major concern to American businesses, especially service-oriented Different ideas of service-orientation are found in different domains.
An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. , such as machinery." He added, "This area is also a major concern to businesses that must compete with non-U. S.-based companies whose tax laws allow goodwill and other intangibles to be amortized." Podolin expressed the AICPA's continued support for the amortization of intangibles legislation passed by Congress on March 20, 1992, as part of the tax simplification process. However, he called for one final revision concerning the tax treatment of gains and losses generated by the disposition of intangible assets acquired in the purchase of a trade or business. (For more on intangibles, see "Deducting the Cost of Intangibles," by Danny P. Hollingsworth and Walter T. Harrison, Jr., this issue, pages 85-90.) He also urged the committee to consider providing different amortization periods for different categories of assets in various industry groups, much like depreciation rules for tangible assets. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion