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Section 179 Depreciation Deduction
Section 179 of the United States Internal Revenue Code (), allows a taxpayer to elect to deduct the cost of certain types of property on their income taxes as an expense, rather than requiring the cost of the property to be capitalized and depreciated. This property is generally limited to tangible, depreciable, personal property which is acquired by purchase for use in the active conduct of a trade or business. Buildings were not eligible for section 179 deductions prior to the passage of the Small Business Jobs Act of 2010; however, qualified real property may be deducted now. Depreciable property that is not eligible for a section 179 deduction is still deductible over a number of years through MACRS depreciation according to sections 167 and 168. The 179 election is optional, and the eligible property may be depreciated according to sections 167 and 168 if preferable for tax reasons. Further, the 179 election may be made only for the year the equipment is placed in use and is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small Business Jobs Act Of 2010
The Small Business Jobs Act of 2010 () is a federal law passed by the 111th United States Congress and signed into law by President of the United States, President Barack Obama on September 27, 2010. The law authorizes the creation of the Small Business Lending Fund Program administered by the Treasury Department to make capital investments in eligible institutions, in order to increase the availability of credit for small businesses. Provisions The provisions of the Act included: * Establishes the creation of a $30 billion lending program for community banks with assets less than $10 billion. * Increases limits on how much money a company can borrow under various Small Business Administration loan programs. * Provides $12 billion in tax cuts, including a 100% exclusion of capital gains taxes on small business investments. * Allows for small businesses to carry back general business tax credits to offset the tax burden from the previous five years. Small businesses also will be ab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MACRS
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code. The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or straight line) at the election of the taxpayer, with limitations. SeIRS Publication 946for a 120-page guide to MACRS. History Tax deductions for depreciation have been allowed in the U.S. since the inception of the income tax. Prior to 1971, these deductions could be computed in a variety of manners over a wide range of lives, under old Bulletin F. In 1971, Congress introduced the Class Life Asset Depreciation Range (ADR) system in an attempt to simplify calcula ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Depreciation Recapture
Depreciation recapture is the USA Internal Revenue Service (IRS) procedure for collecting income tax on a gain realized by a taxpayer when the taxpayer disposes of an asset that had previously provided an offset to ordinary income for the taxpayer through depreciation. In other words, because the IRS allows a taxpayer to deduct the depreciation of an asset from the taxpayer's ordinary income, the taxpayer has to report any gain from the disposal of the asset (up to the recomputed basis) as ordinary income, not as a capital gain. Depreciation recapture most commonly applies when dealing with the sale of improved real estate (such as rental property), as the value of real estate generally increases over time while the improvements are subject to depreciation. Depreciation recapture in the USA is governed by sections 1245 and 1250 of the Internal Revenue Code (IRC). Any gain over the recomputed basis will be taxed as a capital gain in accordance with section 1231 of the IRC. Other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limits On Depreciation Deduction
For taxation in the United States, the Limits on Depreciation Deduction (Section 280F)Sec. 280F Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes Internal Revenue code, Subtitle A Income taxes, Chapter 1 Normal taxes and surtaxes, Subchapter B Computation of taxable income, Part IX Items not deductible. was enacted to limit certain deductions on depreciable assets. Section 280F is a policy that makes the Internal Revenue Code more accurate by allowing a taxpayer to report their business use on an asset they may also need for some personal reasons. General description To put 280F in context a ge ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simon V
Simon may refer to: People * Simon (given name), including a list of people and fictional characters with the given name Simon * Simon (surname), including a list of people with the surname Simon * Eugène Simon, French naturalist and the genus authority ''Simon'' * Tribe of Simeon, one of the twelve tribes of Israel Places * Şimon (), a village in Bran Commune, Braşov County, Romania * Șimon, a right tributary of the river Turcu in Romania Arts, entertainment, and media Films * ''Simon'' (1980 film), starring Alan Arkin * ''Simon'' (2004 film), Dutch drama directed by Eddy Terstall * ''Simón'' (2018 film), Venezuelan short film directed by Diego Vicentini * ''Simón'' (2023 film), Venezuelan feature film directed by Diego Vicentini Games * ''Simon'' (game), a popular computer game * Simon Says, children's game Literature * ''Simon'' (Sutcliff novel), a children's historical novel written by Rosemary Sutcliff * Simon (Sand novel), an 1835 novel by George Sand * ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |