Depreciation exclusion: Goodwill excluded from depreciable assets under income-tax provisions, affecting business and profession deductions.

Amendment excludes goodwill from assets eligible for depreciation by providing that goodwill of a business or profession shall not be considered an asset for purposes of the depreciation provision and the definitional Explanation, thereby denying depreciation deductions for goodwill while leaving other tangible and intangible assets within the depreciation framework.

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