With year end quickly approaching, taxpayers should be aware of expiring federal income tax incentives. This summary highlights several of these tax incentives that expire at the end of this year and ways in which taxpayers can utilize them before they disappear.
For property placed in service during 2008 and 2009, taxpayers were entitled to additional first-year depreciation on qualified property equal to 50% of the adjusted basis of such property. Qualified property is defined to include the following i) property to which MACRS applies and has a recovery period of 20 years or less; ii) computer software (not covered by Code Section 197); iii) water utility property; or iv) qualified leasehold property....
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