Indicate whether a taxpayer could claim deductions for depreciation or amortization for the following: a. Land used

Question:

Indicate whether a taxpayer could claim deductions for depreciation or amortization for the following:
a. Land used in the taxpayer's ranching business.
b. An automobile used in business. The taxpayer accounts for die deductible car expenses using the standard mileage rate.
c. The costs attributable to and a covenant-not-to-compete.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...