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Federal Depreciation Handbook

Federal Depreciation Handbook

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The Federal Depreciation Handbook from Thomson Reuters provides expert guidance on tax depreciation and other cost recovery issues to help tax practitioners make tax-efficient decisions and elections when an asset is placed in service. The Handbook also explains how to structure business property transactions to optimize federal income tax results when performing general tax planning or transactional consulting services.

The Federal Depreciation Handbook is an all-in-one resource for quick reference and in-depth coverage of depreciation and other cost recovery tax issues. It features detailed tax compliance guidance and is updated annually for legislative, regulatory, judicial, and administrative changes in the tax law, rules, and forms.

The Handbook provides the accurate answers you need quickly with:

  • Guidance addressing frequently encountered and often challenging depreciation and cost recovery issues.
  • Numerous quick-reference tables and charts providing easy access to key information, including easy-to-read depreciation tables for MACRS (with or without bonus depreciation), ADS, AMT, and ACRS.
  • Real-life examples that illustrate how the tax rules apply and how to report depreciation-related items on a tax return.
  • A 2015 Developments Summary section that summarizes significant tax law changes.
  • References to relevant Internal Revenue Code sections, IRS regulations and rulings, as well as court cases.
  • Coverage of property dispositions, including tricky tax rules for installment sales, like-kind exchanges, and depreciation recapture.
  • Guidance on applying the “tangible property regulations,” which specify the allowable tax treatment of costs to acquire, repair, or improve tangible property in tax years beginning after 2013 (or electively in tax years beginning after 2011).
  • New this year in the 2016 Handbook: coverage of revised and restated IRS procedures for obtaining automatic or advance consent to change an accounting method, with specific emphasis on method changes required to comply with the final tangible property regulations—including a simplified method available to certain qualifying small businesses.

Federal Depreciation Calculator (included with the Federal Depreciation Handbook on Checkpoint)

The Federal Depreciation Handbook comes with a Depreciation Calculator to perform quick and easy depreciation calculations for tax planning or for determining the most appropriate depreciation elections when an asset is placed into service. The Depreciation Calculator also generates a depreciation schedule for the life of the asset.

With the Depreciation Calculator tax practitioners will be able to:

  • Determine depreciation deductions for MACRS assets.
  • Generate printable, savable, and editable depreciation schedules for single assets — in handy RTF or PDF file format.
  • Enter User Notes to document conclusions (e.g., elections).

Practical Applications include:

  • Calculating General Depreciation System (GDS), Alternative Depreciation System (ADS) or Alternative Minimum Tax (AMT) deductions for a MACRS asset as well as depreciation deductions under available elections.
  • Determining the recovery period, depreciation system and convention that apply to a MACRS asset using guidance from the Federal Depreciation Handbook.
  • Calculating future tax depreciation amounts to include in tax planning and other financial projections.
  • Documenting conclusions to support how a MACRS asset will be depreciated.

The Federal Depreciation Handbook and Calculator on Checkpoint offer:

  • The only truly integrated depreciation guidance + calculator on the market today.
  • Actionable, relevant content, including tax return preparation guidance.
  • Links to and from primary law and all of your tax research products on Checkpoint.

  • Federal Depreciation Handbook
    • Chapter 1 Depreciation Basics
      • When Depreciation Begins
      • When Depreciation Ends
      • Who Is Entitled to the Depreciation Deduction?
      • Leased Property
      • Basis for Depreciation When a Business is Acquired
      • Table: Residual Method of Allocating Purchase Price—Asset Classes
      • Reporting—Form 4562
    • Chapter 2 Depreciable Property
      • What Property Can Be Depreciated?
        • Owned By the Taxpayer
      • Lease vs. Purchase
      • Depreciable Basis
      • Tangible Property Regulations
        • Accounting Method Changes
        • Annual Election versus Accounting Method Change
      • Property Acquired By Purchase
      • Currently Deductible Repairs
      • Capitalized Improvements
        • Adaptation to a New or Different Use
      • Materials and Supplies
      • Rotable, Temporary And Standby Emergency Spare Parts
      • Inherited Property
      • Property Acquired as a Gift
      • Property Acquired in Tax-Free Transactions
        • Transactions Between Corporations, Shareholders, Partnerships and Partners
    • Chapter 3 Macrs Summary
      • General Depreciation System (GDS)
        • Elective Depreciation Methods
      • Alternative Depreciation System (ADS)
        • ADS Recovery Periods
      • Assigning the Recovery Period
        • Property Used in Retail/Distributive Trades or Services
        • Property Used in a Residential Rental Activity
        • Indian Reservation Property
      • Conventions
        • Mid-Quarter Convention
        • Mid-Month Convention
      • Computing Depreciation
        • Optional Tables Not Used
      • Placed In and Taken Out of Service
      • Alternative Minimum Tax (AMT) Depreciation
      • Adjusted Current Earnings (ACE)—C Corporations
      • Farm Property
        • ADS Required for Some Farmers
      • Short Tax Years
        • Placed-in-Service Date in a Short Tax Year
      • Special (Bonus) Depreciation
      • Qualified Disaster Assistance Property
      • General Asset Accounts
      • Changes in an Asset’s Use
      • IRS Guidance on TIPA Extension Provisions
    • Chapter 4 Macrs in Depth
      • Applicable Conventions
        • Convention Considerations for a Short Year
        • Convention Considerations in a Like-Kind Exchange or Involuntary Conversion
      • Three-Year MACRS Recovery Property
      • Five-Year MACRS Recovery Property
        • Computers and Peripheral Equipment
      • Seven-Year MACRS Recovery Property
        • Seven-Year Railroad Assets
      • 10-Year MACRS Recovery Property
        • 10-Year Agricultural Assets
      • 15-Year MACRS Recovery Property
        • 15-Year Land Improvements
      • 20-Year MACRS Recovery Property
        • 20-Year Utility Assets
      • Real Property
        • Structural Components of Nonresidential Real Property
        • Structural Components of Residential Real Property
      • Ineligible MACRS Property
      • General Asset Accounts and Multiple Asset Accounts
    • Chapter 5 Bonus Depreciation in Depth
      • General Rules and Effective Dates
      • Qualified Property for Section 168(k) Bonus Depreciation
      • Original Use Test for Section 168(k) Bonus Depreciation
      • Timely Acquisition Test for Section 168(k) Bonus Depreciation
        • Timely Acquisition and Binding Contract Requirements for Bonus Depreciation
      • Placed-in-Service Test for Section 168(k) Bonus Depreciation
      • Election Not to Claim Bonus Depreciation
      • Bonus Depreciation for New York (NY) Liberty Zone Property
      • Bonus Depreciation for Qualified Gulf Opportunity (GO) Zone Property
        • Basis Reduction
      • Bonus Depreciation for Qualified Recovery Assistance Property Located in the Kansas Disaster Area
      • Bonus Depreciation for Qualified Disaster Assistance Property
        • Qualified Disaster Assistance Property Requirements
      • Bonus Depreciation for Biofuel Plant Property
        • QSGBPP Requirements
      • Bonus Depreciation for Qualified Reuse and Recycling Property
    • Chapter 6 Macrs Depreciation Tables
    • Chapter 7 Section 179 Expensing
      • Annual Deduction Limit
      • Increased Limits for Targeted Areas
      • Business Taxable Income Limit
      • Pass-Through Entities
      • Qualifying Property
        • Eligible Property
        • Property Used to Furnish Lodging
        • Leased Property
      • Comparing Special Depreciation and Section 179 Expensing
      • Making the Section 179 Election
      • Section 179 Recapture
    • Chapter 8 Vehicles and Listed Property
      • Special Rules for Listed Property
      • Business Use Requirement for Listed Property
      • Lessee’s Income Inclusion Amount—Listed Property Other Than Autos
      • Limits on Vehicle Depreciation
        • Passenger Automobiles
      • Special Depreciation and the Section 280F Limit
      • Section 179 Expensing Rules
      • Standard Mileage Rates vs. Actual Costs
        • Choosing a Method
      • Leased Vehicles
      • Alternative Motor Vehicle Credit
      • Credits for Plug-In Vehicles
      • Lease Income Inclusion Tables A & B—Property Other Than Passenger Automobiles
      • Lease Income Inclusion Tables—Passenger Autos
    • Chapter 9 Real Property
      • What Is Real Property?
      • Farm Buildings
      • Business Use of Home
      • Converting a Residence to Rental Property
      • Effect of Rental or Business Use on Sale of Residence
      • Land Improvements
        • Land Preparation Costs
        • Other Construction Costs
      • Energy Efficient Commercial Building Deduction
      • Nonbusiness Energy Property Credit
      • Residential Energy Efficient Property Credit
      • Leasehold Improvements
        • Qualified Leasehold Improvements
        • Qualified Restaurant Property
        • Qualified Retail Improvement Property
      • Finding Personal Property Included in a Building’s Cost(Cost Segregation)
      • Structural Component vs. Personal Property
        • Can the Asset Be Moved?
      • IRS View of Cost Segregation Studies
    • Chapter 10 Sales and Dispositions
      • Disposing of Business Assets (Section 1231 Transactions)
        • What Are Section 1231 Transactions?
        • Nonrecaptured Section 1231 Losses
      • Depreciation Recapture
      • Section 1245 Depreciation Recapture
        • What Is Section 1245 Property?
      • Section 1250 Depreciation Recapture
        • What Is Additional Depreciation?
        • Applicable Percentage
        • C Corporations—Additional Recapture Amount
      • Other Recapture Events
      • Sales of Depreciable Real Property
        • Unrecaptured Section 1250 Gain
      • Installment Sales
        • Sales That Don’t Qualify for Installment Reporting
        • Exceptions for Certain Dealer Sales
        • Recognizing Gain on an Installment Note
        • Buyer Assumes or Pays Seller’s Debt
        • Selling Price Subsequently Reduced
      • Borrower’s Property Is Foreclosed or Repossessed
        • Cancellation of Debt (COD) Income
      • Repossessing Personal Property
      • Foreclosing on Seller-Financed Real Estate
        • Character of Gain
        • Holding Period and Basis for Resales
      • 3.8% Net Investment Income (NII) Tax
    • Chapter 11 Exchanging Property
      • Like-Kind Exchanges
      • Held for Business or Investment Use
      • What Is Like-Kind Property?
        • Real Estate
        • Personal Property
      • Recognizing Gain on an Exchange
      • Basis and Holding Period of Property Received
      • Depreciating Property After a Like-Kind Exchange
        • Depreciating Exchanged Basis
        • Electing New Asset Treatment
        • Depreciating Vehicles Received in a Trade
      • Exchanging Property Subject to Debt
        • Netting Liabilities
      • Deferred Exchanges
      • Qualified Intermediaries
      • Involuntary Conversions
        • Similar-Use Property
      • Condemned Real Estate
        • Deferring the Gain on Condemnation
      • Exchanging Life Insurance and Annuity Contracts
    • Chapter 12 Correcting Depreciation Errors
      • Depreciation as an Accounting Method
      • Requesting an Accounting Method Change
      • Section 481(a) Adjustments
      • Changing Special (Bonus) Depreciation
      • Errors Corrected on an Amended Return
      • Example—Change in Accounting Method
    • Chapter 13 Intangible Assets
      • Amortizable Intangibles
      • Depreciable Intangibles
      • Section 197 Intangibles
      • Amortizing Section 197 Assets
      • Disposing of Section 197 Assets
      • Computer Software
      • Intangible Drilling Costs
      • Business Start-Up Costs
        • Deducting Start-Up Costs
      • Organizational Costs
        • Deducting Organizational Costs
      • Reforestation Costs
      • Research and Experimental Expenditures
        • What Costs Are Included?
      • Income Forecast Method
    • Chapter 14 Other Depreciation Methods
      • Accelerated Cost Recovery System (ACRS)
        • Recovery Property
        • Recovery Periods
      • Alternate ACRS (Modified Straight-Line) Method
        • Three-, Five- and 10-Year Property
        • 15-, 18- and 19-Year Real Property
        • Low-Income Housing
      • ACRS Deductions in Short Tax Years
        • Early Dispositions
      • Other Depreciation Methods
      • Assets Placed in Service Before 1981
      • ACRS Tables
    • Chapter 15 Acrs in Depth
      • Accelerated Cost Recovery System (ACRS)
        • Current Applicability
      • Property Depreciated Under ACRS
      • How to Calculate the ACRS Deduction
      • Classes of Recovery Property
        • Property Used Predominantly Outside the U.S.
      • Alternate ACRS Method
      • Conventions
      • ACRS Deduction in a Short Tax Year
      • Dispositions of Property
    • Chapter 16 Pre-1981 Rules—in General
      • Useful-Life Depreciation Methods
        • Salvage Value in Useful-Life Depreciation Calculations
        • Depreciation Period in Useful-Life Depreciation Calculations
        • Depreciation Methods in Useful-Life Depreciation Computations
      • Multiple Asset Account Useful-Life Depreciation
    • Chapter 17 Pre-1981 Rules—Class Life Assetdepreciation Range (ADR) System
      • The ADR Election
      • Basis of a Vintage Account
      • Property Eligible for the ADR Election
      • Classification of Property Under the ADR System
      • ADR Depreciation Methods
      • First-Year Averaging Conventions
        • Applying the Modified Half-Year Convention
      • Depreciation Period
      • Salvage Value
      • Retirements of ADR Property
      • Tax Consequences of Ordinary Retirements of ADR Property
      • Tax Consequences of ExtraordinaryRetirements of ADR Property
      • Retirement of Last Asset in a Section 1245 Vintage Account
      • Optional Treatment of Salvage Value
    • Chapter 18 Selected IRS Materials
      • Rev. Proc. 87-56 (Class Lives andRecovery Periods)
      • Tables of Class Lives and Recovery Periods
      • Rev. Proc. 2015-14—Section 6 of the Appendix (Depreciation or Amortization Accounting Method Changes)
        • Depreciation or Amortization (§56(a)(1), 56(g)(4)(A), 167, 168, 197, 280F(a), 1400I, 1400L, or 1400N(d), OR FORMER §168)
    • Chapter 19 Selected Regulations
      • Code Section 162 Selected Regulations For Business Expenses
      • Code Section 167 Selected Regulations for Depreciation
      • Former Code Section 168 Selected Proposed Regulations for ACRS Property
      • Code Section 168 Selected Regulations for MACRS Property
      • Code Section 179 Selected Regulations for Expensing
      • Code Section 263 Selected Regulations for Capital Expenditures