I have a client who has an insurance practice and he purchased a book of business from another producer.
Does my client expense the cost of the book in year one? Or is it a capital asset that sits on the balance sheet without being an expense?
Is that a hard physical asset or is that an intangible asset? Do you get to write off intangible assets or do you amortize them?
Thank you! I appreciate the quick response. The clears things up for me.
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