Private companies, with respect to goodwill: Multiple Choice Must treat it as an intangible asset with an indefinite life. O Muy treat goodwill is a definite lived intangible asset with a 10-year useful 10. Must amortize it over a 12-year period. May elect to amortize it over a period of 15 years. May amortize goodwill If the value of the company does not exceed $10 million