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C
CUSO
Level 4
October 10, 2022

Book of business purchase

  • October 10, 2022
  • 1 reply
  • 3 views

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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    1 reply

    IRonMaN
    IRonMaN
    Level 15
    October 10, 2022

    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!
      C
      CUSOAuthor
      Level 4
      October 10, 2022

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

        IRonMaN
        IRonMaN
        Level 15
        October 10, 2022

        You betcha!

        Slava Ukraini!
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