Tax,
Corporate
Aug. 22, 2018
Proposed regulations would affect first-year depreciation deductions
Earlier this month, the Internal Revenue Service issued proposed regulations on additional first-year depreciation deductions, typically referred to as bonus depreciation.
Phil Jelsma
Partner and Chair of the Tax Practice Team
Crosbie Gliner Schiffman Southard & Swanson LLC (CGS3)
Email: pjelsma@cgs3.com
Phil is chair of the tax practice team at CGS3. He is recognized as a leading joint venture and tax attorney, with a 30-year background in real estate exchange transactions, syndications, nonprofit corporations and international tax planning.
Earlier this month, the Internal Revenue Service issued proposed regulations on additional first-year depreciation deductions, typically referred to as bonus depreciation. The Tax Cuts and Jobs Act generally provided that, for assets with a recovery period of 20 years or less, a taxpayer could elect to deduct 100 percent of the cost of property used in a trade or business if placed in service after Sept. 27, 2017 and before Jan. 1, 2023. This generally includes all pe...
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