I have a client who just took over a gift shop from the previous owner. On the bulk sale paper (AU-196.10) , which is notification of sale/transfer/assignment in Bulk for NYS  Department of Taxation, it indicates tangible personal property is $15K, and intangible property is $300K, so the total sales price is 315K. 

My client (the purchaser) said he paid $300k for the effort previous owner put in the business attracting customers into the store and having stable sales. Do I take this intangible property as goodwill? Should i amortize this amount every year for 15 years on this client's Form 1020, and then recapture the previous amortization when my client sell his business?