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 legal 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.