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Amortization of Intangible Assets. To illustrate the amortization of an intangible asset, imagine XYZ Biotech spends $30 million dollars on a patent with a useful life of 15 years. Theoretically, to account for the expense over a 15-year period, XYZ Biotech records $2 million each year as an amortization expense.
The patent law provides that the life of a patent is no longer than 20 years from the date that the patent application was filed, and no shorter than 17 years from issuance. Depending upon how fast the patent office issues your patent can significantly impact the total length of the patent term.