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• W226139068 abstract "Section 179 Expensing for Noncorporate Lessors While 100% bonus depreciation may be the flavor of the month when it comes to accelerated depreciation, it is limited to original-use property and is currently scheduled to sunset for most property at the end of 2011. I RC [section] 179 expensing therefore remains a prime option for small businesses, especially since it contains allowances similar to those for bonus depreciation for qualified restaurant and leasehold and retail improvement property and the expensing limit remains pegged at an ample $500,000. These provisions are temporary through 2011 as well but may stand a better chance of extension than 100% bonus depreciation, which was billed as an emergency stimulus. One hurdle section 179 imposes, however, is that noncorporate taxpayers must follow some exacting rules to expense property they to others. Under section 179(d)(5)(A), taxpayers may take a deduction for eligible property they to others if they manufactured or produced the property. But for leased property they did not manufacture or produce, the term of the (including options to renew) must be less than 50% of the class life of the property, and during the first 12 months after the property's transfer to the lessee, the lessor's deductions with respect to the property under section 162 (other than rents and reimbursements) must total more than 15% of rental income produced. This presumably ensures that the is not a finance lease. Eligible taxpayers can benefit from this provision but will need to carefully plan their leasing and expenditures. They'd also do well to peruse the guidance and court cases that applied to identical provisions under former section 46(e)(3)(B) for the investment credit as it existed before 1991. See, for example, Treas. Reg. [section] 1.46-4(d). See also IRC [section] 168(i)(3) for a further definition of lease A more recent example of an attempted section 179(d)(5)(B) deduction can be found in the Tax Court opinion in Ross P. Thomann v. Commissioner, TC Memo 2010-241. The IRS disallowed the entire claimed section 179 deduction for farm equipment for three tax years; the Tax Court upheld the disallowance, along with accuracy-related penalties. The taxpayer's main problem was the lack of a written covering the years at issue that clearly identified the property leased and the term. There also was no evidence of any attempt to document class life and compare income with section 162 expenses. If the court had examined the property's class lives, it might have performed this analysis: Maximum Property Leased Class Life * Lease Term Drainage tile 20 years" @default.
• W226139068 created "2016-06-24" @default.
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• W226139068 date "2011-07-01" @default.
• W226139068 modified "2023-09-23" @default.
• W226139068 title "Section 179 Expensing for Noncorporate Lessors" @default.
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