*Withdrawals from your qualified plan are taxed as ordinary income and may be subject to a 10% Federal tax penalty if taken prior to age 59 1/2. If you left your employer in or after the year in which you turned 55, you may not be subject to the 10% early withdrawal penalty.
Intangibles with a Determinable Life. Intangible assets with a determinable life are amortized over their useful lives. Amortization is a process of allocating the expense over a number of accounting periods to reflect the actual amount of the asset consumed each period.
Far less thought, however, has been given to other intangible assets that also may escape amortization under the criteria in Statement no. 142. (See the box for key provisions.) Amortizing an asset gradually reduces its value through periodic write-downs and requires companies to recognize an expense.