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References in periodicals archive ?
Failure to properly depreciate qualified real property over 15 years puts other 15-year property at risk for reclassification to longer recovery periods (see "Confusion Over Qualified Leasehold Improvements May Create Opportunity," by Chris Atwell, RSM, available at
In 2016, a tenant moves into the building and makes qualifying improvements to the interior of the building (i.e., not internal structural framework, escalator, or elevator).These improvements are not qualified leasehold improvements depreciable over 15 years under Sec.
What the temporary regulations did clarify (which has been the rule since 1986) is that a taxpayer must amortize leasehold improvements under the cost recovery provisions of the Internal Revenue Code applicable to the improvements without regard to the term of the lease.
Permanent federal law requires leasehold improvements to be depreciated over a 39-year period.
* The proper amortization period for leasehold improvements;
said the restatement was necessary because it had incorrectly calculated the amortization of certain leasehold improvements.
* 15-year recovery period for qualified leasehold improvements and qualified restaurant property;
small businesses, including an extension of Section 179 expensing, which will allow small businesses to immediately expense up to $100,000 of new investments through 2007; a reduction of the depreciation period for restaurants and leasehold improvements from 39 years to 15 years; and S-Corporation reform and simplification.
The provisions needed to make a ground lease financeable are often overlooked, particularly if the tenant doesn't need financing to construct its initial leasehold improvements. When such initial financing is needed, the lender will usually insist that the lease contain certain clauses, which serve to protect the lender's interest.
Among other things, the bill, introduced by William Thomas, R Calif., Chairman, House Committee on Ways and Means, would extend the bonus depreciation through 2005 and lower from 39 years to 20 the depreciable life for leasehold improvements. The coalition said the 20-year term "more closely reflects their actual economic life" and that this will "better enable building owners to provide tenants with the most productive workspace possible.
The idea was rejected after it was realized that over 10 years the combined cost of leasehold improvements and rent would be more than borrowing 100 per cent of the purchase price.