Which of the following statements is true regarding goodwill?
A. For accounting purposes, goodwill may be amortized over a period not to exceed 40 years.
B. For tax purposes, goodwill amortization may be deductible over a 15-year period.
C. For tax purposes, goodwill amortization cannot be deductible.
D. For accounting purposes, goodwill may be amortized over a period not to exceed 20 years.
E. For tax purposes, goodwill amortization may be deductible over a 20-year period.
Answer: B
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