The Consolidated Appropriations Act of 2015 made permanent the Section 179 $500,000 expense limitation and $2 million phase-out amounts. The Act also extended Section 168(k) through at least 2019, reducing the 50% bonus depreciation to 40% in 2018 and 30% in 2019. However, the Act left the Section 280F Statutory/Regulatory anomaly unchanged. Taxpayers benefit from Treasurys definition of the SUV weight limits for Section 179 100% depreciation and Section 168(k) bonus depreciation purposes. Syllabus Lesson 1. Introduction Lesson 2. Consolidated Appropriations Act Lesson 3. Section 179 and 168(k) Comparisons Lesson 4 . The Section 179 SUV Deduction Lesson 5 . Conclusion This course is approved by the IRS. The submission of a completed request form, found under the materials tab, is required for credit.
Recognize correctly how the Consolidated Appropriations Act of 2015 made permanent amendments to Section 179s 500,000 expense limitation and phase-out amounts Recognize correctly important tax planning distinctions between Section 179 100% depreciation and Section 168(k) bonus depreciation Recognize the Section 280F statutory unloaded gross vehicle weight rating correctly refers to the vehicles curbside weight Recognize correctly the Section 280F Treasury Regulations changed the curbside weight standard to simply a gross vehicle weight rating standard Recognize correctly the IRS is bound by Treasury Regulations while the courts are not Recognize the Treasury Regulations curbside/GVWR anomaly presents possible late year tax planning opportunities
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