Form 3115 and Amortization Catch Up

Discussion in 'Tax' started by bm30003700, Jul 28, 2006.

  1. bm30003700

    bm30003700 Guest

    I understand that form 3115 may be used for claiming
    previously unclaimed amortization on goodwill.

    Is this true even an incorrect amount was shown for a
    business on the tax return balance sheet. For example, if
    $15,000 goodwill is shown on the balance sheet and it should
    have been $30,000, amortization should have been $2,000 per
    year, rather than $1,000. Is this the sort of situation
    that calls for Form 3115, or does the amortization not taken
    have to stem from miscalculating amortization on a goodwill
    amount shown correctly on the balance sheet?

    Also, I understand Revenue Procedure 2004-11 allows for
    catch up of amortization in the year a business is sold, and
    that the previous applicable Revenue Procedure was 2002-9.
    Didn't 2002-9 allow for catch up for all years, including
    year of sale?
     
    Last edited by a moderator: Jan 23, 2018
    bm30003700, Jul 28, 2006
    #1
    taximus rex likes this.
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  2. bm30003700

    taximus rex

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    Someone reply to this question with tax year 2014 as the "catchup year" for 15 years of non-amortized goodwill ($66,000).
     
    taximus rex, Jul 17, 2015
    #2
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