change in amortization method, dollar limit

[RoyS976]

my client never amortized an asset (about 200,000) acquired in 2004.  I believe I will have to file form 3115 but is there a dollar limit on what  can be deducted in the current year?

[sjrcpa]

No, but:

What kind of asset?

Are you sure the change can be made this year?

If yes, is it an automatic change? Or do you need IRS permission (along with attendant user fee)?

[RoyS976]

Milk Quota.  it's an intangible asset that farmers purchase/sell to others to raise the price paid for their product.

[BobKamman · Accepted solution]

I don't think the answers have changed much since last month.

https://proconnect.intuit.com/community/lacerte-discussions/discussion/milk-quota/01/65156#M12706