AFY

(redirected from Additional First Year)
AcronymDefinition
AFYAnything for You
AFYAcre-Feet Per Year (engineering)
AFYAdventure for Youth (religious organization)
AFYAdult Friends for Youth (est. 1985)
AFYAll for You (band)
AFYAlternatives for Youth
AFYAdditional First Year (property depreciation)
AFYAs For You
References in periodicals archive ?
Because of "the policies underlying the enactment of an unprecedented 100-percent additional first year depreciation provision," (43) the revenue procedure provided a limited exception to the self-constructed property rules in Treasury regulations section 1.168(k)-1(b)(4)(iii) for certain components of a larger self-constructed property (hereinafter, the "component election"):
If before September 9, 2010, a taxpayer begins the manufacture, construction, or production of the larger self-constructed property that is qualified property for use in its trade or business or for its production of income, but this larger self-constructed property meets the requirements of [then-section 168(k)(2)(A)(ii) (original use) and (iv) (placed-in-service date)], the taxpayer may elect to treat any acquired or self-constructed component of that larger self-constructed property as being eligible for the 100-percent additional first year depreciation deduction if the component is qualified property and is acquired or self-constructed by the taxpayer after September 8, 2010, and before January 1, 2012.
May's California CPA, Page 33, discussed the new 30-percent additional first year depreciation deduction for qualified property generally acquired after Sept.
167(0(1) or 168, as applicable, is determined for the placed-in-service year and all subsequent years by taking into account the 30-percent additional first year depreciation deduction.
* The time described above and included in that return an affirmative statement that the taxpayer is not deducting the additional first year depreciation for the class of property.
The cornerstone of this new tax act is the allowance for an additional first year 30% bonus depreciation deduction on the purchase of new assets, including real estate.
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