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Why Would a Taxpayer Elect to Capitalize and Amortize Intangible

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Essay

Why would a taxpayer elect to capitalize and amortize intangible drilling costs (IDCs) rather than expense such costs?


Definitions:

Spirituals

Religious folk songs that originated among African American slaves, expressing deep emotion and containing hidden messages of hope and resistance.

New Invention

A term denoting the introduction of a novel device, method, or process developed from study and experimentation.

Attorney General

The principal legal officer who represents a country or a state in legal proceedings and gives legal advice to the government.

Harriet Powers

An African American folk artist known for her quilts which are considered among the finest examples of 19th-century Southern quilting.

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