Depreciation

“Substantially Complete” Buildings Eligible for GO Zone Depreciation

In Stine, LLC, No. 2:13-cv-03224 (W.D. La. 1/27/15), a retailer's store buildings were considered "placed in service" for federal tax depreciation purposes when they were "substantially complete" rather than when they subsequently were "open for business" resulting in the taxpayer's being able to take an accelerated depreciation deduction for the buildings. This decision highlights the importance of properly identifying an asset's placed-in-service date.

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.

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.

Newsletter Articles

SPONSORED REPORT

Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”