If business vehicles are passenger automobiles, they are listed property and are subject to limits on the amount that can be deducted for regular depreciation, as a bonus depreciation allowance, and as a Sec. 179 expense.
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Tax Computation
Sampling to Efficiently Implement the New Tangible Property Regulations: The Clock Is Ticking
New tangible property regulations apply to all current and certain prior-year tangible assets, creating compliance efforts and opportunities for immediate and long-term tax savings.
Final Guidance Related to Tangible Property Regulations Provides Time-Limited Opportunities
IRS released guidance related to the tangible property regulations regarding depreciation and dispositions.
Final Set of Repair Regs. Issued
The IRS issued final regulations providing rules for how to determine gain or loss when property subject to depreciation is disposed of, how to determine the asset disposed of, and how to account for partial dispositions of depreciated property.
Automobile Depreciation Limits Issued for 2014
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Major Developments in Cost Segregation
This article discusses the rules that must be followed to use the principle of cost segregation in any form.
2014 Car, Truck Depreciation Limits Issued
The IRS issued the 2014 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
Final and Reproposed Tangible Property Regs. Broadly Affect Taxpayers in Oil and Gas Industry
The final and reproposed tangible property regulations will significantly affect the oil and gas industry. Specifically, the unit-of-property determination has different implications for oil and gas companies, depending on which segment the companies operate in.
IRS Issues Repair/Tangible Property Regulations
The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
Repair Regulations Are Finally Issued
The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.
ATRA Allows Taxpayers to Continue to Accelerate Certain AMT Credits
Under the provisions of ATRA, corporations or consolidated groups with AMT credits from pre-2006 tax years may continue to accelerate the use of these credits instead of claiming bonus depreciation for eligible qualified property.
The Repair Regulations: Considerations for “Downstream” Oil and Gas Businesses
The oil and gas industry faces numerous challenges in applying the fact-intensive rules of the so-called repair regulations to costs incurred to repair and maintain property during its service life.
IRS Addresses Treatment of M&A Transaction Costs and Success-Based Fees
Taxpayers that incur costs relating to an acquisition or restructuring transaction must generally capitalize the costs that “facilitate” the transaction.
2013 Automobile Depreciation Limits Released
The IRS on Monday issued the 2013 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
IRS Issues Prop. Regs. on Allocation of Costs Under Simplified Sec. 263A Methods
The IRS has issued proposed regulations on allocating costs to property produced or acquired by a taxpayer for resale.
Depreciation and Changes in Use of Real Property
This item discusses the distinction between residential and nonresidential property, depreciation, and the application of the change-in-use regulations if a rental property changes from residential use to nonresidential or vice versa.
Post-Deal Depreciation: Impact of Certain Nonrecognition Transactions
When planning an incorporation or reorganization transaction, taxpayers and their advisers may not examine in depth the related accounting method and depreciation issues that arise as a result of the transaction.
2012 Automobile Depreciation Limits
The IRS issued the 2012 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2012-23).
2012 Automobile Depreciation Limits Released
The IRS issued the 2012 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
100% Bonus Depreciation and the Corporate Election to Increase the Minimum Tax Credit Limitation
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extends the 50% bonus depreciation deduction to qualifying property placed in service through 2012. Congress also provided a 100% bonus depreciation deduction for qualified property acquired and placed in service after September 8, 2010, through December 31, 2011.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
