How long is goodwill amortized according to IRS rules?

Goodwill is typically amortized over a 15-year period according to IRS rules. This is established under Section 197 of the Internal Revenue Code, which allows for the amortization of intangible assets, including goodwill, over a predetermined useful life. This treatment is beneficial for businesses as it spreads the cost associated with acquisitions over time, providing tax benefits as they can deduct the amortization expense annually. Therefore, the correct answer signifies the established period which aligns with the IRS guidelines for businesses managing their intangible assets.