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U.S. Master Depreciation Guide (2012)

U.S. Master Depreciation Guide (2012)

Author: CCH Tax Law Editors
Publisher: CCH U.S.
ISBN: 9780808027294
Published In: December 2011
Format: Paperback , 1040 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Old depreciation systems do not die--or even fade away very fast. Businesses and the practitioners that serve them must operate with three coexisting depreciation systems--Modified Accelerated Cost Recovery System (MACRS), the Accelerated Cost Recovery System (ACRS) and the Treasury Department's Asset Depreciation System (ADR).

CCH's U.S. Master Depreciation Guide offers tax and accounting professionals who work with businesses a one-stop resource for guidance in understanding and applying the complex depreciation rules to their fixed assets. This area is especially challenging, because bits and pieces of applicable information must be gathered from a maze of Revenue Procedures, IRS Tables and IRS Regulations. These sources are frequently old and include some materials which may be non-applicable. CCH's U.S. Master Depreciation Guide pulls the pieces together, so practitioners can make sense of all the corresponding information and put the information into practice.

The U.S. Master Depreciation Guide includes several useful "quick reference tables." These include a list of trucks, SUVs, and vans that are exempt from the luxury car caps because they weigh more than 6,000 pounds, trucks with a bed-length under six feet which are subject to a $25,000 section 179 depreciation cap, a list of states that conform to the federal bonus depreciation and section 179 expensing rules, and a comprehensive table of assets and corresponding recovery periods with cross references to the location of the related U.S. Master Depreciation Guide explanation.

Published annually, this new edition is completely updated to reflect all depreciation rule changes through press time in December. A special Highlights section provides a quick overview of any new legislation, cases, rulings, and regulations occurring since last year's edition, with cross-references to the explanation paragraph in which they are reflected.

Additional helpful assistance is provided by Appendices which include final, temporary and proposed regulations relating to ACRS, MACRS, bonus depreciation, the income forecast method, Code Sec. 179 expensing elections, Code Sec. 197 amortization of intangibles, and Code Sec. 280F depreciation limitations on listed property, including luxury vehicles, and CCH-prepared depreciation decimal tables.

The U.S. Master Depreciation Guide also includes a Case Table, Official Source Finding Lists that provide cross references to all cases and rulings contained in the text of the Guide, and detailed Table of Contents and Topical Indexes to help quickly locate needed information. It comes complete with the CCH-exclusive Quick Facts Card for convenient, at-a-glance reference to key depreciation figures.

The Guide presents a concise yet comprehensive discussion of the depreciation rules. It includes:

Discussion of the historical background of depreciation and depreciation fundamentals.
Coverage of :
- (1) Modified Accelerated Cost Recovery System (MACRS), which was introduced by the Tax Reform Act of 1986, and is applicable to most tangible depreciable property in service after 1986;
- (2) Accelerated Cost Recovery System (ACRS) introduced by the Economic Recovery Act of 1981;
- (3) General rules for pre-1981 property;
- (4) Asset Depreciation Range (ADR) system which dates back to 1971;
Code Sec. 179 expensing rules; and
- (5) Amortization of intangibles, including section 197 intangibles
Listed property depreciation rules
Depreciation of vehicles subject to "luxury" car caps
Handling vehicle trade-ins, including luxury car caps and carryover Basis
Vehicle depreciation using the standard mileage rate, FAVR allowances, and other mileage based methods
Like-kind exchanges and involuntary conversions
Rev. Proc. 87-56 class life and depreciation period table reproduced in full text
All MACRS depreciation tables reproduced in full text plus CCH-prepared Indian reservation property depreciation tables and tables that incorporate the effect of the first-year 30 percent and 50 percent bonus depreciation allowances
CCH prepared decimal tables for computing pre-1981 depreciation using the straight-line, 150% and 200% declining balance, and sum-of-the years digits methods
How to compute MACRS without using tables
Identifying and depreciating land improvements
MACRS depreciation rules for farm property, including farm asset classification table
Handling leasehold improvements
What to do if incorrect depreciation is claimed (amended return and change of Accounting method rules)
Distinguishing between a structure that is nonresidential real property (39-year recovery period) and a structure or land improvement that qualifies for a shorter recovery period
Cost segregation discussion relating to the separate depreciation over shortened recovery periods of building components that qualify as personal property and land improvements that may be depreciated over 15 years
Alternative Minimum tax depreciation rules
Abandonment, retirement, and obsolescence deductions
Rapid amortization provisions
Recovery of software costs
Recovery of web site development costs
Depreciation planning, including choice of method, recapture and Code Sec. 179 planning issues

CCH Tax Law Editors represent a highly experienced staff of writers, analysts and editors with professional designations including J.D., LL.M., C.P.A., M.B.A., M.S.A., M.L.S. and E.A.

This experienced body of tax experts covers the full scope of U.S. Federal and State tax as well as international tax, estate tax, planning issues, accounting and audit standards and all current tax law developments. CCH Tax Law Editors focus on providing expert analysis and customer-driven workflow solutions.