Discussion Question 8-18 (LO. 7) Harold and Bart own 75% of the stock of Orange Motors. The other 25% of the stock is owned by Jeb. Orange Motors entered into an agreement with Harold and Bart to acquire all of their Orange stock. In addition, Harold and Bart signed a noncompete agreement with Orange Motors. Under the terms of the noncompete agreement, Orange will pay Harold and Bart $15,000 each per year for four years. Help Orange Motors by classifying the following as either "True" or "False". a. The noncompete agreement is considered a 197 intangible if it is acquired in connection with the acquisition of a business. b. amortization is permitted, it will be over a 15-year period. c. $15,000 is the basis for purposes of calculating MACRS depreciation. d. If amortization is permitted, it will be ratably amortized over the designated period, beginning in the middle of the quarter it was acquired