The IRS announced it is delaying the effective date of the temporary regulations it issued in Dec. 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
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Topics
Tax Computation
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.
Temporary Regulations Create New Applications for Cost-Segregation Studies
Owners of real estate should consider the implications of the new regulations regarding tangible property and repair costs when engaging firms to perform cost-segregation studies.
Is Office Artwork Depreciable Property?
Whether office artwork and decor is depreciable depends on whether the decorations are considered “valuable and treasured” art pieces or just plain tangible property used in the trade or business.
Is the Value of Cost Segregation Depreciating?
An analysis of recent Tax Court decisions suggests that any purported demise of cost-segregation studies may be premature.
AICPA Recommends Changes to Tangible Property Guidance
The AICPA recommended various changes and simplifications to the regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets.
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).
Tax Court Disallows Cost Segregation of Apartment Building Components
In a case exploring the extent of allowable cost segregation in depreciable rental real estate, the Tax Court held that all but a small handful of items identified by the building’s owner had to be depreciated over the life of the building.
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.
Tangible Property Costs and Repair Expenditures Regs.
The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.
Regulations Issued on Repair Expenditures
The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.
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.
Some Implications of 100% Bonus Depreciation
This item discusses optimization of the 100% bonus depreciation deduction, highlighting some of its implications and peculiarities.
Claiming Bonus Depreciation on Self-Constructed Long Production Period Assets
This item discusses the process of claiming bonus depreciation on self-constructed long production period assets, with a focus on how the taxpayer can determine how the binding contract rules and placed-in-service rules apply to particular projects.
100% Bonus Depreciation Guidance Issued
In Rev. Proc. 2011-26, the IRS has issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year .
IRS Releases 2011 Automobile Depreciation Limits
The IRS has issued the 2011 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles. This year, the IRS has provided the limitation amounts for vehicles placed in service in 2011 for which bonus depreciation applies and for those to which it does not apply.
Guidance Issued on 100% Bonus Depreciation Rules
The IRS issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year.
Sec. 168(k)(4)—Credit in Lieu of Bonus Depreciation
The election under Sec. 168(k)(4) to claim a refundable tax credit in lieu of bonus depreciation has been extended again for certain property placed in service during 2011 and 2012 as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
2011 Automobile Depreciation Limits Released
The IRS issued the 2011 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
