References in periodicals archive ?
A cost recovery and tax accounting discussion draft proposes to replace MACRS and ADS with a new system that approximates economic depreciation based on estimates provided by the Congressional Budget Office.
To determine your cost basis, tax credits, grants, MACRS schedules, etc.
For example, the repair regulations expand the definition of dispositions with respect to MACRS property, and provide rules with respect to allocating basis to property that the taxpayer disposes of.
The PV system is depreciated for income tax purposes using normal MACRS depreciation over five years.
For example, if a taxpayer purchased $1,000,000 of equipment (5 year MACRS recovery life, subject to the half year convention) on September 1, 2010, that is eligible for a [section]179 deduction and is also eligible for the bonus depreciation.
The allowance is only available on new property that is depreciable under MACRS and has a recovery period of 20 years or less.
Depreciation methods within the software include MACRS, ACRS, Straight-Line, 200/150/125% Declining Balance, Sum-of-the-Years Digits, Units of Production, Amortization, and up to 99 user defined methods.
The MACRS deduction is computed on Form 4562, Depreciation and Amortization.
The final regulations expand the rules regarding dispositions of MACRS assets.
In addition to providing a comprehensive framework for the tax treatment of costs incurred to acquire, produce, improve, or repair tangible personal property, the temporary regulations significantly revise the accounting treatment for assets subject to the modified accelerated cost recovery system (MACRS) of section 168, especially those relating to determining gain or loss on the disposition of MACRS property.