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• W673583 abstract "Banking and the Internal Revenue Service remain locked in a battle over whether the purchaser of a bank can amortize the cost of acquiring intangible assets for tax purposes. The importance of finding a solution to this long-standing controversy takes on added significance as increased competition, perceived economies, and relaxation of legal and regulatory barriers to mergers and acquisitions drive banking solidation. Seeds of debate. The two sides of this disagreement are well defined. IRS takes the position that no depreciation or amortization is allowed in the transfer of an ongoing business. It believes that the value of an asset involving relationships with customers-such as the core deposit intangible-cannot be separated from goodwill, which is not deductible. IRS further argues that a customer base does not diminish with time-or at least has an indefinite life-and therefore, should not be depreciable. However, the industry, which believes depreciation of intangible assets is valid, has begun to win in the courts. The Tax Court (91 T.C. 463, 1988) ruled in favor of Citizens and Southern, finding that the bank proved that a deposit base has a cost basis separate and distinct from the goodwill and going concern value of an acquired bank. The government appealed, but the Eleventh Circuit Court of Appeals reaffirmed the Tax Court's decision in March 1990. The Tax Court has also ruled in favor of Colorado National Bankshares (T.C. Memo 1990-495), finding that the core deposit intangible is distinguishable from goodwill and has a limited useful life. In spite of these rulings, when conducting tax audits IRS continues to pursue its view that customer-based intangibles cannot be separated from goodwill. Bills proposed. The disagreement may be resolved this year by congressional tax writers. Legislation supporting both views is already pending in the House Ways and Means Committee. Rep. Brian Donnelly (D.-Mass.) introduced H.R. 563, which provides that any amount paid to acquire customer base, market share, or any similar intangible not be deductible. Three other representatives, Guy Vander Jagt (R.-Mich.), Beryl Anthony (D.-Ark.), and Barbara Kennelly (D.-Conn.), introduced H.R. 1456. This bill provides that such costs definitely be deductible. Action on this legislation is on hold until this summer. The General Accounting Office is expected to release a report on the tax treatment of intangible assets around the time this issue appears. Based on early indications, GAO may recommend that Congress establish a schedule of class lives for certain intangible assets, similar to the tax rules for depreciation of tangible assets. This idea raises the possibility that certain costs incurred to build a customer base, such as advertising, might then have to be capitalized. …" @default.
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• W673583 date "1991-06-01" @default.
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• W673583 title "The Tangible Debate over Bank Intangibles" @default.
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