Book of business purchase

[CUSO]

I have a client who has an insurance practice and he purchased a book of  business from another producer.  

Does my client expense the cost of the book in year one?  Or is it a capital asset that sits on the balance sheet without being an expense?

[IRonMaN]

Is that a hard physical asset or is that an intangible asset?  Do you get to write off intangible assets or do you amortize them?

[CUSO]

Thank you! I appreciate the quick response.  The clears things up for me. 

[IRonMaN]

You betcha!