Investment tax

The IRS allows a business expense deduction if the expense is both ordinary. If treated as 39-year property, QIP would not be eligible for the additional first year depreciation deduction ( bonus depreciation ) under section . Sep 20- Proposed regulations released September 1 20allow dealers to take bonus depreciation if they do not utilize the floor plan carve out to . According to a high-ranking IRS official in the Office of Chief Council,. Bonus depreciation falls under Section 168(k) of the code.

This further helps companies leverage technology purchases for a reduced tax burden. Prior to the 20Act, section 168(k) allowed for “ bonus depreciation ” . Internal Revenue Code. The IRS has clarified new regulations pertaining to business taxes as of September 2019. Find out how this will impact your business in the .