TITLE

Now is the time to find overlooked depreciation

AUTHOR(S)
Stevens, Michael G.
PUB. DATE
August 1996
SOURCE
Practical Accountant;Aug96, Vol. 29 Issue 8, p33
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Discusses issues involved in the tax deduction for depreciation. US Internal Revenue Service's (IRS) issuance of a ruling that clarifies how to deal with underdepreciation errors; Debate over whether to continue treating changes from a method that underdepreciates property as changes in method of accounting; Automatic consent required from the Commissioner of Internal Revenue.
ACCESSION #
9701103882

 

Related Articles

  • Bonus 1st-year depreciation: Should your clients take it? Rywick, Bob // Accounting Today;8/4/2003, Vol. 17 Issue 14, p18 

    Focuses on the bonus first-year depreciation allowance provided by the U.S. Jobs and Growth Tax Relief Reconciliation Act. Percentage of allowance allowed; Requirements for taxpayers; Eligibility for the 50 percent bonus-first depreciation allowance.

  • Tax relief boost for optics.  // Optometry Today;12/14/2012, Vol. 52 Issue 24, p6 

    The article reports on the increase in Capital Allowances from 25,000 British pounds to 250,000 British pounds which will provide a 100 percent tax relief for optical firms that are investing in equipment and machinery.

  • South Africa. Reid, Alan; Secular, Leslie // Accountancy;May83, Vol. 94 Issue 1077, p10 

    This article reports that the 1983 budget of South Africa does not affect the majority of taxpayers to any material extent. The new system of initial depreciation allowances will initially apply only to plant and machinery and/or buildings used in a manufacturing business, and will be at a rate...

  • Claims for Capital Allowances and Losses Brought Forward.  // Accountancy;Nov70, Vol. 81 Issue 927, p802 

    Offers advice regarding claims for capital allowances and losses brought forward in Great Britain.

  • Machinery deduction boost available. Pocock, John // Southwest Farm Press;2/17/2011, Vol. 38 Issue 6, p8 

    The article reports on the expansion of the Section 179 tax deduction to 500,000 U.S. dollars and the introduction to 100 percent bonus depreciation for assets bought after September 2010, in which farmers who purchase equipments during the time period can deduct their purchases in the U.S.

  • Tax planning for the first-year `depreciation' deduction under IRC Sec. 179. Oliver, Joseph R. // CPA Journal;Feb95, Vol. 65 Issue 2, p42 

    Discusses the tax planning for the first-year `depreciation' deduction under IRC sec. 179 for purchases of eligible property. Limits for corporations and partnerships; Adjustments to depreciable basis; Maximizing total deductions; Triggering recapture; Listed property; Necessity of documentation.

  • Making the most of capital allowances. Stone, Jenny // GP: General Practitioner;10/6/2003, p35 

    If a general practitioner (GP) own his surgery premises there may be thousands of pounds of potential tax savings, which have been overlooked as a result of capital allowances not being claimed. It is likely that his accountant has already claimed capital allowances on the purchase of loose...

  • New Depreciation Allowance Creates Benefits and Questions, Part 2. Curatola, Anthony P.; Cash, L. Stephen; Dickens, Thomas L. // Strategic Finance;Sep2002, Vol. 84 Issue 3, p25 

    This article presents a discussion on the depreciation deduction in tax enacted by the Job Creation and Workers Assistance Act of 2002 in the U.S. The author examines some of the benefits of depreciation allowance and offers some planning suggestions. He also discusses some of the changes in tax...

  • Deferred tax, CT rates and the Budget. Mellett, Howard // Accountancy;Aug1984, Vol. 95 Issue 1092, p120 

    Examines the impact of reduced corporate tax rates on deferred taxation accounting in Great Britain. Impact of the reduction on changes made to the system of capital allowances; Calculation of the amount of deferred tax by the deferral method and the liability method; Effect of capital...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics