🔥 IRS issues proposed regs. on 100% bonus depreciation - Journal of Accountancy

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Bonus depreciation. Taxpayers may take 100% bonus depreciation on qualified property – up from the 50% limitation under the old law. Qualified property is defined as tangible property with a recovery period of 20 years or less.


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Tax Reform Bonus Depreciation and Section 179 Expense
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The IRS issued proposed regulations providing guidance on Sec.
The TCJA extended and modified bonus depreciation, allowing businesses to immediately deduct 100% of the cost of eligible property in the year it is placed in 100 bonus tax reform, through 2022.
The amount of allowable bonus depreciation is then phased down over four years: 80% will be allowed for property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in article source />For certain property with long production periods, the above dates will be pushed out a year.
The TCJA also removed the rule that made bonus depreciation available only for new property and extended the period in which certain other property including plants and films, television, and live theatrical productions will qualify for 100% depreciation.
These new rules generally apply retroactively to property acquired or placed in service after Sept.
The proposed regulations describe and clarify the statutory requirements that must be met for depreciable property to qualify for the additional first-year depreciation deduction provided by Sec.
Further, the proposed regulations instruct taxpayers how to determine the additional first-year depreciation deduction and the amount of depreciation otherwise allowable for this property.
Because the TCJA substantially amended Sec.
It also invited comments on the proposed rules until Oct.
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Home › Record Keeping & Taxes › Depreciation and Home › Questions and Answers About the New 100% Bonus Depreciation Rule. Questions and Answers About the New 100% Bonus Depreciation Rule January 19, 2018. In my recent webinars “What the New Tax Law Means for Family Child Care” I discussed the significant tax changes coming in 2018.


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Under the previous tax rules, businesses were only allowed a 50% bonus depreciation deduction for new aircraft purchases. Now with the Reform, both factory-new and pre-owned aircraft are now eligible for a 100% bonus depreciation if placed into service after September 27, 2017 and […]


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Over 1 million American workers with over 100 companies are set to receive a bonus, pay hike or retirement increase as a direct result of President Trump’s tax reform package.


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On December 22, 2017, the President signed the Tax Reform legislation.
The bill largely takes effect in 2018 and makes significant changes that impact most — if not all — taxpayers.
Increased deductions for bonus depreciation and Section 179 expense are just two of these changes impacting business taxpayers, and these largely positive changes are two potential tax savings presents for businesses.
Bonus Depreciation Under the previous tax rules, the bonus depreciation deduction was limited to 50% of eligible new property.
The Reform extends and modifies bonus depreciation to allow businesses to immediately deduct 100% of eligible property placed in-service after September 27, 2017, and before January 1, 2023.
And, for certain property with free casino slots production periods, the 100% bonus depreciation is extended through December 31, 2023.
Plus, eligible property is expanded to include used property.
The phase-out occurs when total Section 179 property placed in-service during a tax year exceeds the threshold amount.
At this point, the deduction is reduced 100 bonus tax reform by the excess 100 bonus tax reform />Both the deduction and phase-out limit will be increased for inflation beginning in 2019.
CRInsight: The increase in the Section 179 expense deduction may be of lesser significance as the bonus depreciation deduction has been increased to 100% through December 31, 2022 — and now also includes used property.
Tie Your Bonus Depreciation and Section 179 Expense Gift Up with a Bow Most of us enjoy receiving presents, so be sure your business takes advantage of the potential tax gifts provided by the changes to bonus depreciation and Section 179 expensing.
If you have questions regarding how to take advantage of these provisions or others within the Tax Reform that may impact your business, then please.
CRI is a member of PrimeGlobal, a worldwide association of independent accounting firms and business advisors.
PrimeGlobal does not and cannot offer any professional services to clients.
Each independent member of PrimeGlobal is a separate firm and an independent just click for source entity.
PrimeGlobal is not a partnership and independent member firms are not acting as agents of PrimeGlobal or other independent member firms.

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The 2017 Tax Cuts and Jobs Act provides for 100 percent bonus depreciation, allowing taxpayers immediate deduction of the cost of aircraft acquired and placed in service after Sept. 27, 2017 and before Jan. 1, 2027 (Jan. 1, 2028 for longer production period property and certain aircraft).


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Bonus depreciation and tax reform – 100% is the new 50%. Everyone loves a bonus – maybe it’s a bonus at work or a bonus punch on your loyalty card at your favorite coffee shop. Even the tax code can give you a bonus occasionally. That’s right.


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On December 22, 2017, the President signed the Tax Reform https://money-free-slots.website/100/online-betting-sites-100-bonus.html />The bill largely takes effect in 2018 and makes significant changes that impact most — if not all — taxpayers.
Increased deductions for bonus depreciation and Section 179 expense are just two of these changes impacting business taxpayers, and these largely positive changes are two potential tax savings presents for businesses.
Bonus Depreciation Under the previous tax rules, the bonus depreciation deduction was limited to 50% of eligible new property.
The Reform 100 bonus tax reform and modifies bonus depreciation to allow businesses to immediately deduct 100% of eligible property placed in-service after September 27, 100 bonus tax reform, and before January 1, 2023.
And, for certain property with longer production periods, the 100% bonus depreciation is extended through December 31, 2023.
Bonus depreciation continues to be available for qualifying property, which is generally property with a depreciable recovery period of 20 years 100 bonus tax reform less.
Plus, eligible 100 bonus tax reform is expanded to include used property.
The phase-out occurs when total Section 179 property placed in-service during a tax year online bet 100 the threshold amount.
At this point, the deduction is reduced dollar-for-dollar by the excess amount.
Both the deduction and phase-out limit will be increased for inflation beginning in 2019.
CRInsight: The increase in the Section 179 expense deduction may be of lesser significance as the bonus depreciation deduction has been increased to 100% through December 31, 2022 — and now also includes used property.
Tie Your Bonus Depreciation and Section 179 Expense Gift Up with a Bow Most of us enjoy receiving presents, so be sure your business takes advantage of the potential tax gifts provided by the changes to bonus depreciation and Section 179 100 bonus tax reform />If you have questions regarding how to take advantage of these provisions or others within the Tax Reform that may impact your business, then please.
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More than 100 U.S. companies are giving their employees up to $2,000 in bonuses after President Trump’s tax reform package became law. The conservative taxpayer advocacy group Americans for Tax Reform (ATR) compiled a list of companies that gave their employees a little extra cash after the tax cut legislation passed, whether it be through bonuses or an increase in wages.


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The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.


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100 bonus tax reform December 22 Tax Cuts and Jobs Act contained major tax changes and reform affecting both businesses and individuals.
Bonus depreciation and Internal Revenue Code Section 179 expensing both receive a significant boost from the Tax Cuts and Jobs Act TCJA.
The TCJA allows for 100% bonus depreciation and 100 free money online the amount eligible to expense under Section 179.
Bonus Depreciation Under prior law, taxpayers could take a 50% bonus depreciation deduction on purchases of qualifying property, which included new tangible personal property, as well as land improvements and tenant improvements with a 15-year depreciable life.
The TCJA now allows taxpayers to deduct 100% of the cost of qualifying property regardless of whether the property is purchased new or used.
The property cannot be acquired from a related party, nor can it have been leased or used in the business at any point prior to acquisition.
Under the new law, 100% bonus depreciation will be available for assets acquired and placed in service after September 27, 2017 through December 31, 2022.
This is one of the few provisions of the TCJA that is retroactive to 2017.
The bonus depreciation deduction will then be reduced annually beginning by 20% until it is fully phased out as of January 1, 2027.
These new limits will be adjusted annually for inflation.
The TCJA also expanded what property qualifies for Section 179 expense to include certain items pertaining to non-residential real property.
Additionally, the cost of tangible personal property used in connection with furnishing lodging qualifies for 179 expense under the TCJA.
However, SUVs with a GWVR over 6,000 pounds are now eligible for 100% bonus depreciation, allowing you to immediately expense the full cost of the SUV in the year of purchase.
Trucks: Under prior law, trucks with a GWVR over 6,000 pounds and a cargo bed of at least 6 feet in length were not subject to any specific depreciation restrictions.
This remains unchanged under the TCJA.
Your team at Berntson Porter looks forward to working with you on this historic change to our tax system.
BP Blast e-newsletters are periodic, timely briefs on legislative, tax, and business topics relevant to our clients.

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Bonus depreciation. Taxpayers may take 100% bonus depreciation on qualified property – up from the 50% limitation under the old law. Qualified property is defined as tangible property with a recovery period of 20 years or less.


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In what is likely a legislative error, depreciation of qualified improvement property is uncertain under the new tax reform law. Given the Sept. 27, 2017 effective date for bonus depreciation, this issue will have an immediate impact on 2017 tax returns filed this year. Building improvements are.


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Tax Reform Series: Depreciation Changes for 2018 - Berntson Porter & Company, PLLC
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The Tax Cuts and Jobs Act TCJA enhances some tax breaks for businesses while reducing or eliminating others.
One break it enhances — temporarily — is bonus depreciation.
While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.
Pre-TCJA bonus depreciation Under the pre-TCJA law, for qualified new assets that your business placed in service in 2017, you can claim a 50% first-year bonus depreciation 100 bonus tax reform />This tax break is available for the cost of new computer systems, purchased software, vehicles, machinery, equipment, office furniture, etc.
In addition, 50% bonus depreciation can be claimed for qualified improvement property, which means any qualified improvement to the interior portion of a nonresidential building if the improvement is placed in service after the date the building is placed in service.
TCJA expansion The TCJA significantly expands bonus depreciation: For qualified property placed in service between September 28, click, and December 31, 2022 or by December 31, 2023, for certain property with longer production periodsthe first-year bonus depreciation percentage increases to 100%.
In addition, the 100% deduction is allowed for not just new but also used qualifying property.
The new law also allows 100% bonus depreciation for qualified film, television and live theatrical productions placed in service on or after September 28, 2017.
Productions are considered placed in service at the time of the initial 100 bonus tax reform, broadcast or live commercial performance.
Beginning in 2023, bonus depreciation is scheduled to be reduced 20 percentage points each year.
So, for example, it would be 80% for property placed in service in 2023, 60% in 2024, etc.
For example, 80% bonus depreciation would apply to long-production-period property placed in service in 2024.
Bonus depreciation is only one of the business tax breaks that have changed under the TCJA.
Contact us for more information on this and other changes that will impact your business.

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Take Lowe’s. On Thursday, the home improvement chain announced that more than 260,000 hourly employees in the United States would be eligible for “a one-time bonus of up to $1,000,” a move the company attributed directly to tax reform.


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The Tax Cuts and Jobs Act TCJA has dramatically changed the depreciation and expensing rules for trade or business assets.
The changes may have a significant impact on the renewable energy sector.
In some cases, benefitting from these changes involves a fair bit of tax complexity.
Qualified property that is acquired prior to Sept.
With the new law, bonus depreciation at the 100% level is also eventually phased down 20 percent each year for qualified property that is placed in service after Dec.
Because the new law may involve assets that were under contract or under construction prior to the new law being enacted, there is a table of rules that must be consulted to ensure the correct bonus depreciation rules are being applied if the taxpayer chooses to claim bonus.
Great care must be undertaken to ensure the correct rules and dates are followed.
NOTE: The acquisition 2 date for property acquired pursuant to a written binding contract 3 is the date of that binding contract.
Making the proper calculations can be complex, so you should seek the aid of a professional tax advisor when doing so.
Because the largest percentage of most renewable energy property i.
To the extent of its relevance in certain deals, this new rule may create new opportunities.
It also may cause certain tax equity investors to give their historic reluctance to enter partnership deficit restoration obligations a second look.
In general, bonus depreciation may enhance tax minimization for certain taxpayers.
For example, those with depreciable assets that are directly owned and used in their trade or business, or tax-equity partners with both a sufficient tax capacity and a federal income tax profile that enables their institution to absorb, or carryforward the bonus depreciation.
The result is often a limit to the allocation of tax depreciation deductions that tax equity partners are willing to accept.
A deciding factor for claiming bonus depreciation on a renewable energy tax equity deal also hinges on the type of tax credit the partnership is claiming.
In the event the partnership can claim the section 45 production tax credit PTCthe partners may be willing to claim bonus depreciation.
However, this 100 bonus tax reform only occurs if the tax equity partner in a PTC deal agrees to a limited deficit restoration obligation LDRO.
For deals with the investment tax credit ITC the considerations differ substantially.
This structure is possible in the case of the PTC rather than the ITC because section 48 investment tax credit ITC transactions have less flexibility in this regard given the tax credit recapture rules that apply to the ITC but not the PTC.
The DROs are often used in PTC transactions because the tax equity partner must be entitled to receive 99% of the income allocation of the partnership to receive 99% of the PTCs and because of the longer 10-year statutory window for claiming PTCs.
That said, unfulfilled DROs do not directly give the tax equity partner the ability to use the related bonus depreciation deductions.
Rather, the DRO merely entitles them to receive the depreciation deductions from the partnership.
Originally, bonus depreciation was conceived as an economic policy using tax law to increase U.
The stated economic purpose of bonus depreciation has historically been to stimulate demand and increase commercial spending on newly manufactured goods.
Yet under the new law, some used property may also be eligible for bonus depreciation 6.
Because of this change, the law may now spur unique opportunities in renewable energy, perhaps with projects that involve previously used equipment or assets.
This also means that structuring a financing for a renewable project deploying some or all used equipment with the intention of claiming either the PTC or ITC will involve a tax depreciation and a tax credit planning exercise that will diverge from those most commonly done.
Such projects must be approached with both caution and technical tax expertise.
Existing Deals One economic reality under the 100 bonus tax reform law that indirectly impacts renewable energy investors and sponsors is the new lower 21% overall corporate income tax rate.
For those who had previously recognized tax depreciation deductions that are presently unrealized, whether suspended or as part of a net operating loss NOLthe new lower corporate tax rate has rendered those tax deductions less valuable.
The reduced value is now expected to impact the amount of capital, i.
For deals that closed prior to passage of the new tax law, the partnership agreement that investors made with the tax equity partnership may now be viewed by those investors as unattractive.
For others, it may mean a new partnership agreement must be reached.
Each partnership agreement will need to be addressed if the partners are not happy with their tax position following passage of the new legislation.
In the context of renewable energy project asset acquisitions, whether actual or those that fall under IRC section 338 deemed asset share bonus 100 exp pokemon gold there rulesthough the cost of used property may be added to the adjusted basis of the acquired property, and may be fully depreciated if allocable to qualified property eligible for bonus depreciation, structuring the transaction as an asset purchase in order to increase the tax depreciation deductions will not automatically enable PTC or ITC tax credits to be claimed if attributable to used equipment.
Each amount is indexed for inflation for taxable years beginning after 2018.
The difference here matters, and it particularly matters for companies involved with section 48 ITC eligible property, such as vendors of solar, small wind, fuel cell, CHP and geothermal heating and cooling, who serve business clients otherwise eligible for section 48 ITC 9.
While section 179 expensing and 100% bonus appear to be identical, the similarity does not apply to the impact it has on the section 48 ITC.
The rationale behind this is a technical one.
Specifically, tax depreciation, including bonus depreciation, does not reduce the eligible 100 bonus tax reform basis to which the section 48 tax credit rate is applied, i.
Claiming section 179 expensing on section 48 ITC eligible property will reduce the amount of section 48 tax credits the owner of the asset can claim.
Thus, business clients of those providing ITC eligible products should not be misled into believing that they can claim both 179 and the ITC at the otherwise allowable maximum ITC amount.
State decoupling One final, but by no means less impactful set of considerations is how state law may operate in cases where federal bonus depreciation is claimed.
This is occurring in conjunction with state income tax law and in other areas of State and Local Tax SALT rules such as property and sales taxes.
Check with your state and local tax adviser on how the federal income tax rules interact with state tax rules.
Conclusion The Tax Cuts and Jobs Act TCJA has dramatically changed the depreciation and expensing rules for trade or business assets.
These changes may have a significant impact on the renewable energy sector.
Many of the changes are positive.
Thought the impact of these changes do involve a fair bit of tax complexity, for some investors, particularly those making PTC motivated investments, here bonus depreciation can be attractive if investors are willing to meet the more complex federal income tax accounting rules that are required to benefit from it.
Regardless, the general outlook for renewable energy under the new U.
Treasury and IRS guidance on this issue, you should consult with your tax professional to ensure that your assumption about the acquisition date of an asset is correct under the law.
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The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year, you might be able to benefit from the bonus depreciation enhancements when you file your 2017 tax return.


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When you arose from your Titos-induced slumber on the morning of January 1st, it was more than just your pants and dignity that had gone missing.
While you were ringing in the New Year, the Internal Revenue Code you'd come to know and love had disappeared, replaced by the Tax Cuts and Jobs Act, the most comprehensive overhaul of the tax law in 31 years.
Fortunately for you, with enough money, both trousers and self-respect are easily recouped.
An understanding of the tax law, however?
That can't be bought.
As a result, you've got to start over, diving into the wholesale changes that took effect on New Year's Day in hopes of regaining the same level of comfort you enjoyed with the previous version.
And that's not going to be a quick process, because as we're quickly learning, for every straightforward tweak to the law-- the doubling of the standard deduction, the elimination of personal exemptions -- there is a corresponding influx of complexity that requires you to pop on the ol' thinking cap.
United States President Donald J.
Trump talks about taxes as he prepares to sign the Tax Cut and Reform Bill in the Oval Office at The White House in Washington, DC on December 22, 2017.
It was a productive endeavor, but our work is far from over.
Today, we'll move on to the next big challenge posed by the new law: understanding the changes that have been made to the way we depreciate assets purchased for 100 bonus tax reform in a business.
And while last week's topic has garnered most of the attention, one could argue that getting our arms around the new depreciation rules could prove more difficult.
After all, with the 20% of QBI deduction, the new law was all contained within one brand new provision of the Code -- Section 199A.
But with the depreciation rules, well.
Because we're not tasked with simply analyzing a brand new provision, it makes sense that the best way article source approach this particular Tax Geek Tuesday is to take it change-by-change, and for each discussion, lay out the law as it stood in 2017, before then looking at how the law changed yesterday morning.
Changes to Depreciation Lives Current Law Way back in the 20th century, if you made an improvement to nonresidential rental property, you had to depreciate the leasehold improvement over the full 39-year life of the underlying building.
It didn't matter if you were the lessor or the lessee, those were the rules, and so deprecation of something like a build-out of tenant space -- that had virtually no chance of still being around in 39 years -- nonetheless had to be depreciated over that period.
Since the turn of the century, however, various incentives have been added to the Code to help speed up the depreciation process, and perhaps no asset class has benefited more from these changes than leasehold improvements.
In late 2015, as part of the PATH extenders act, a fourth category of tax-favored leasehold improvement was added to the Code: "qualified improvement property.
Qualified improvement property does not include any expenses attributable to the enlargement of the building, an elevator or escalator, or the internal structural framework of the building.
These types of additions must be depreciated over the life of the underlying business.
Ex: ABC LLC finishes the construction of a building on January 1, 2016.
It will lease the 3rd floor to X Co as office space.
These improvements do NOT meet the definition of qualified leasehold, restaurant or retail improvements, because the building had not been placed in service for 3 years before the improvements were made; as a result, they cannot be depreciated over 15 years.
The improvements do, however, meet the definition of "qualified improvement property," because the improvements were made to the interior portion of nonresidential real property after the building was first placed in service.
But here's the thing: qualified improvement property that fails to also meet the definition of a qualified leasehold, retail, or restaurant improvement -- like the tenant build-out in the example above -- is NOT guaranteed the same shortened 15-year life afforded the latter three types of property.
Instead, under current law, qualified improvement 100 welcome sports is stuck with the same old 39-year life as any other improvement made to nonresidential real property.
So what's the benefit of qualified improvement property if it doesn't get the 15 year life?
It is the rare type of 39-year property that is eligible for impossible. pokerstars bonus code 100 bonus depreciation under current law, by virtue of Section 168 k 2 A iv.
Ex: Continuing the example above, under current law, X Co.
As a result, as part of the Tax Cuts and Jobs Act, in an attempt to streamline the deprecation of leasehold improvements, after January 1, 2018, the only category left standing will be qualified improvement property.
Section 168 was amended to eliminate any reference to qualified leasehold, restaurant and retail improvements.
Instead, the definition of qualified improvement property was moved from Section 168 k -- the bonus depreciation subsection -- to Section 168 e 6 -- the "classification of property" subsection.
The next step was supposed to be to amend Section 168 to provide a 15-year depreciation life to this condensed class of qualified improvement property.
But get a load of this: that next step was never undertaken.
Nowhere in the modified Section 168 does the new law actually provide a 15-year life to qualified improvement property.
This is what happens when you craft law in the dead of night, minutes before a pending vote.
The Tax Cuts and Jobs Act repealed qualified leasehold, restaurant, and retail improvements from Section 168 e 3 E -- the subparagraph that lists those assets that are entitled to a 15-year life -- but never inserted into that subparagraph the new reference to qualified improvement property.
It just simply isn't there.
So as of the moment, there is nothing in the new law that actually gives qualified improvement property a 15-year life.
This could become critically important, because as we'll discuss in detail below, Section 168 k 2 allows bonus depreciation for any property with a depreciable life of 20 years or shorter.
If we can't be certain of the depreciable life of qualified improvement property, how can we be certain it qualifies for the new 100% bonus depreciation?
With qualified retail, restaurant and retail improvement property removed from the Code, the only chance we have for an accelerated expense related to leasehold improvements -- whether it be bonus depreciation or Section 179 expensing -- hinges on the property having a life of 20 years or less, which the new law doesn't specifically bestow upon qualified improvement property.
This will need to be just one of what promises to be many technical corrections related to the Tax Cuts and Jobs Act.
Changes To ADS Depreciation Current Law Under Section 168 gcertain assets must be depreciated using the "alternative depreciation system" ADS.
In general, ADS depreciation requires use of the straight-line method over a longer life, meaning a taxpayer will recover the cost of an ADS asset at a slower rate than it would a "regular" MACRS asset.
For example, under the current version of Section 168 g 2 Cboth residential 27.
In addition, under the 100 bonus tax reform provided at Section 168 g 3 Bqualified leasehold, restaurant and retail improvements 15 year life are granted an ADS life of 39 years.
Importantly, any asset that is required to be depreciated using the ADS is NOT eligible for bonus depreciation.
Stick with me; this will matter in a moment.
New Law The Tax Cuts and Jobs Act changed the ADS life of residential and nonresidential property under Section 168 g 2 C from 39 years to 30 and 40 years, respectively.
The Act then click to change the ADS life of the condensed class of "qualified improvement property" as discussed above from 39 years to 20 years.
But just as was the case with the regular depreciation life of qualified improvement property, something was lost between intention and execution, because while the ADS table at Section 168 g 3 B was updated to reflect that an asset described at Section 168 e 3 D v is afforded a 20-year ADS life, no Section 168 e 3 D v was ever added to the Code.
Yes, like a stairway to nowhere, there is another reference in the new statute that simply leads to a dead end.
To rehash, the intent of the new law was to provide a 15-year regular depreciation life and 20-year ADS life to qualified improvement property.
Neither goal was accomplished, however, courtesy of some shoddy drafting.
Now, you might be asking, "Why would I possibly care about the ADS depreciation life of qualified improvement property?
The deduction will only be allowable up to 30% of adjusted taxable income.
This 30% limitation will loom large for many businesses, but one class of business can elect to avoid the interest limitation completely: those that continue reading engaged in a "real property trade or business" under the meaning of Section 469 c 7.
Thus, if your business is engaged in the leasing, construction, development, acquisition, operation, management or brokerage of real property with a few more types of business allowed for by statute as wellthen you can opt to avoid imposition of the 30% interest expense limitation.
If you elect out, you must depreciate your residential and nonresidential real estate, as well as your qualified improvement property, using the ADS method.
So in summary, you can avoid the interest limitation, but in exchange, you're required to depreciate your buildings and improvements over a longer time frame.
In addition, you won't be eligible to claim the new 100% bonus depreciation on click qualified improvement property because those assets will be depreciated using the ADS method.
Despite these trade-offs, electing to avoid the interest expense limitation will still be well worth it for many real property trade or businesses -- particularly those heavy with mortgage debt -- but the fact that we don't know what the ADS life of qualified improvements will be is a bit of a problem.
Changes To Bonus Depreciation Current Law Since 2001, Section 168 k has provided taxpayers the ability to immediately deduct a percentage of the acquisition cost of qualifying assets as "bonus depreciation.
Remember, this needed to be added separately to the list of bonus-eligible assets because the previous version of qualified improvement property had a 39-year regular depreciation life, and thus would not have generally been eligible for bonus depreciation.
In addition, the original use of the property had to start with the taxpayer claiming the bonus promotion code grand 100 thus, used property did not qualify.
Finally, bonus depreciation was not permitted on any asset that was required to be depreciated using the ADS method.
Bonus depreciation was always a temporary provision, and after the PATH Act see more passed at the end of 2015, bonus was on its way out; the rate would have been 50% in 2017, 40% in 2018, and 30% in 2019, before disappearing completely in 2020.
New Law Perhaps the most impactful change in all of the Tax Cuts and Jobs Act was to provide for 100% expensing of certain assets.
And any tax preparer who has had to navigate the interplay between the seemingly endless depreciation incentives in order to simply calculate the deduction for a given year really loves it.
Understand, however, that 100% expensing is not the same as saying that a business simply gets to deduct the cost of its assets as if they were current expenses read article to a material or supply; rather, this is simply an enhanced form of bonus depreciation.
Section 168 k was amended to provide that beginning with assets purchased after September 27, 2017 -- so yes, this is RETROACTIVE to September of this year -- the bonus depreciation percentage becomes 100%.
Because this rule is an expansion of the bonus depreciation provisions, in order to wield the 100% expensing rules correctly, we must understand what is required in order to claim bonus depreciation under the new law.
Of course, as we pointed out above, the new law fails to actually give a 15-year regular depreciation life to qualified improvement property, so something will need to be done about that little gaffe.
Used property will now qualify, as long as it is the taxpayer's first use of the property.
As with the old law, 100% expensing will not be permitted on any asset that is required to use ADS depreciation.
This has important implications for the real estate industry; remember, businesses engaged in a "real property trade or business" will be permitted to elect out of the new interest limitation rules.
The give-back, however, will be that these businesses will be REQUIRED to depreciate any residential rental property, nonresidential rental property, and qualified improvement property using the ADS method, and with lives of 30 years, 40 years, and 20 years respectively.
Because an electing real property trade or business will be required to use the ADS method for these three types of assets, they will not be permitted to take 100% bonus any of these assets.
While this won't prove problematic in the treatment of residential and nonresidential rental property -- as these types of acquisitions were never eligible for bonus depreciation anyway, because that they have lives in excess of 20 years -- it does mean that an electing real property trade or business will NOT be permitted to claim 100% bonus depreciation on any qualified improvement property.
Ex: ABC LLC owns several large commercial rental properties.
As a result, under the new law, ABC LLC would generally be barred from deducting the net interest expense in excess of that "30% of adjusted taxable income" threshold.
Under new Section 163 jhowever, ABC LLC may elect to avoid the interest limitation rules, allowing the LLC to continue to deduct its net interest expense in full.
The trade-off, however, is that ABC LLC must depreciate its commercial rental buildings over an ADS life of 40 years.
In addition, any improvements made by ABC LLC that meet the definition of qualified improvement property would be required to be depreciated over an ADS life of 20 years assuming the statute is ever corrected to provide a 20-year ADS life to such assets.
Even worse, because ADS depreciation of the qualified improvement property is required, those assets will NOT be eligible for 100% expensing.
Thus, before ABC LLC elects out of the interest expense limitation, it should consider the impact of the changes to its depreciation expense.
There is one great unknown here this forced change of electing real estate businesses that elect out of the interest rules to using ADS depreciation: what do those businesses do with assets that are already mid-way through their depreciation schedules?
The new law provide that the changes to ADS depreciation lives generally apply to assets "placed in service" after December 31, 2017.
But then an additional paragraph is added to the new law, stating that for an "electing real property trade or business" that is required to use the ADS method, please click for source change is effective "for tax years beginning after December 31, 2017.
The answer, unfortunately, is not clear.
Also not clear is which businesses will meet the definition of a "real property trade or business.
As I discussed in t, this will need to change, as many large businesses will be presented with the desirable opportunity to avoid the interest limitations, but only if they can meet the definition of a real property trade or business.
But let's stick a pin in this one: we'll beat this issue up in detail in a subsequent Tax Geek Tuesday.
Under Section 168 k 6bonus depreciation will not remain at 100% indefinitely.
As is the 100 bonus tax reform under current law, a taxpayer will be permitted to "elect out" of the bonus deprecation regime.
Depreciation of Listed Property Current Law Certain types of assets -- specifically, those that tend to blur the line between business and personal use -- are subjected to limited depreciation deductions.
Because many modern SUVs weigh significantly in excess of 6,000 lbs, these types of autos will not be subject to the aforementioned limits.
In addition, because the SUV is not a "passenger auto" under Section 280F, it is eligible for 50% bonus depreciation.
Remember, however, that with bonus depreciation around, taxpayers are entitled to increase the otherwise applicable Section 280F limitation for year 1.
This sounds pretty nice, no?
Remember, in this hypothetical, we elected under Section 168 to apply the first year bonus depreciation rules.
So under that provision, all the allowable depreciation is taken in year 1, with nothing remaining for subsequent years.
The fact that Section 280F limits the year 1 depreciation has no bearing on what the depreciation would be for years 2-6 would be under the normal rules.
At the tail end of 2010 -- the last time we had 100% bonus depreciation -- the IRS confirmed this unexpected result in Rev.
After acknowledging these bizarre consequences, the IRS offered up a safe harbor for determining depreciation in years 2-6 in that same Rev.
This result, if positive, is not deductible until the year after the MACRS period expires, or 2016 in our example.
If we are to assume that the same problem -- and same solution -- arise anew with the 2017 version of 100% expensing, it would presumably work as follows: Assume X Co.
So in 2019, X Co.
It would behoove you, then, to opt instead to purchase an SUV or truck that weighs more than 6,000 lbs and thus escapes the luxury auto limits.
Because with 100% expensing back, the full cost of an SUV or truck will be IMMEDIATELY DEDUCTIBLE in year 1.
Section 179 Changes Current Law Unlike bonus depreciation, which requires a taxpayer to first capitalize and then depreciate an acquired asset, Section 179 allows a taxpayer to elect to simply expense the cost of an asset without capitalizing it at all.
The deduction is further limited to the taxable income derived from visit web page business, with any deduction in excess of the limitation carried forward to the next year.
Thus, under current law, while qualified leasehold, restaurant and retail improvements are Section 179 eligible, qualified improvement property with its 39-year life under current law is not.
In addition, the references to qualified leasehold, restaurant and retail improvements among qualifying Section 179 property have been removed, replaced by a reference to Section 168 e 6which gives birth to the now-condensed class of qualified improvement property.
As a result, all leasehold improvements -- provided they are made to the interior portion of nonresidential rental property AFTER the building has been placed in service -- will be eligible for immediate Section 179 expensing.
Summary When it comes to depreciation changes in the new tax law, the opportunity for 100% expensing rightfully garnered all of the headlines.
But as the article above indicates, it was far from the only change; moving forward, tax advisors will have to 100 bonus tax reform comfortable with new rules governing leasehold improvements, ADS depreciation, the luxury auto rules, and Section 179.
Hopefully this discussion started you on the right path.
I am a Tax Partner with RubinBrown in Aspen, Colorado.
I am a CPA licensed in Colorado and New Jersey, and hold a Masters in Taxation from the University of Denver.

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The IRS issued proposed regulations providing guidance on Sec.
The TCJA extended and modified bonus depreciation, allowing businesses to immediately deduct 100% of the cost of eligible property in the 100 bonus tax reform it is placed in service, through 2022.
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The TCJA also removed the rule that made bonus depreciation available only for new property and extended the period in which certain other property including plants and films, television, and live theatrical productions will qualify for 100% depreciation.
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The games and wallet codes regulations describe and clarify the statutory requirements that must be met for depreciable property to qualify for the additional first-year depreciation deduction provided by Sec.
Further, the proposed regulations instruct taxpayers how to determine the additional first-year depreciation deduction and the amount of depreciation otherwise allowable for this property.
Because the TCJA substantially amended Sec.
It also invited comments on the proposed rules until Oct.
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Carmichael said the tax cut allowed the Bank the opportunity to reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce.
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Before we were on all the islands," she said.
For many years, business owners have voiced concerns about the burdens associated with high taxes and over-regulation.
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One of the opportunities all of these benefits create for us is to make additional investments in our business.
I shared at a recent all-employee meeting that our vision as it relates to investment and innovation is to strengthen our competitive advantages with two goals in mind: be the undeniable choice for the customer and an indispensable partner for our agents and brokers.
The leadership team decided that given our confidence in our business and the way we are successfully positioned for the opportunities ahead, we should start making additional investments immediately.
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In 2017, Foundation beneficiaries included the United Way, youth programs, food pantries, homeless shelters, affordable housing projects, and educational programs.
And new Zogby Analytics polling shows that he is in trouble in key swing states where former Vice President Joe Biden is polling well.