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    Book of business purchase

    CUSO
    Level 3
    ‎10-10-2022 12:34 PM

    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?

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    3 Comments 3
    IRonMaN
    Level 15
    ‎10-10-2022 01:17 PM

    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?


    Slava Ukraini!
    CUSO
    Level 3
    ‎10-10-2022 04:17 PM

    Thank you! I appreciate the quick response.  The clears things up for me. 

    IRonMaN
    Level 15
    ‎10-10-2022 04:19 PM

    You betcha!


    Slava Ukraini!
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