X hits on this document

35 views

0 shares

0 downloads

0 comments

3 / 15

  • -

    3-

Job Creation Act of 2010, Pub. L. No. 111-312, 124 Stat. 3296 (Dec. 17, 2010) (the

“Act”) further extended the 50 percent additional first year depreciation deduction under

§ 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and

before January 1, 2013, if no written binding contract for the acquisition of the property

existed before January 1, 2008, and if the taxpayer places the property in service

generally before January 1, 2013.

Section 401(b) of the Act further amended § 168(k) by adding § 168(k)(5). It

allows a 100 percent additional first year depreciation deduction for qualified property

acquired by a taxpayer after September 8, 2010, and before January 1, 2012, if the

taxpayer places the property in service generally before January 1, 2012.

Section 168(k)(2)(F)(i) increases the first year depreciation allowed under §

280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year

depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional

first year depreciation deduction”) applies.

. 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation

deduction does not apply to any property required to be depreciated under the

alternative depreciation system of § 168(g), including property described in §

280F(b)(1). Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k)

additional first year depreciation deduction for any class of property. Section 168(k)(4),

as amended by the Act, permits a corporation to elect to increase the alternative

minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k)

additional first year depreciation deduction for all eligible qualified property placed in

service after December 31, 2010, that is round 2 extension property (as defined in §

Document info
Document views35
Page views35
Page last viewedSat Dec 03 00:25:13 UTC 2016
Pages15
Paragraphs1366
Words3727

Comments