I:10-1 Which of the following assets are subject to either amortization, depreciation, or cost recovery?

Explain.

a. An automobile held for personal use.

b. Excess amounts paid in a business combination that are attributable to goodwill.

c. Excess amounts paid in a business combination that are attributable to customer lists that have a limited useful life.

d. A patent created internally which has a useful life of 17 years.

e. Land held for investment purposes.

f. A covenant not to compete which is entered into by the buyer and seller of a business.