News & Analysis as of

Depreciation

The Tax Cuts and Jobs Act, Take Two: A Methods-Based Comparison of the Senate and House’s Tax Reform Plans

On November 9, 2017, the Senate Finance Committee (SFC) released a summary of its initial draft tax proposal (the Senate proposal). While the Senate proposal is similar to the House Ways and Means Committee’s proposal (the...more

A Comparison of the House and Senate Tax Bills

by Holland & Knight LLP on

It has been a busy week in Washington, D.C., as Congress works its way through tax reform. The House Ways and Means Committee completed its "markup" of the House bill this week, paving the way for a floor vote on the measure...more

Impact of the House Tax Reform Bill on the Renewable Energy Sector

by Latham & Watkins LLP on

Bold proposal seeks changes to tax credits, depreciation, and corporate tax rates. Key Points: - Production Tax Credits are cut by more than one-third. - Bill may impact existing and future tax equity...more

Main tax aspects of the coalition agreement 2017 - 2021 for business community

by Dentons on

The new Dutch government was officially installed on 26 October 2017. Hereafter we will discuss the main tax aspects of the coalition agreement for the business community....more

IRS Ruling Provides Helpful Guidance on Normalization Proration Rules 

On September 29, 2017, the IRS issued a private letter ruling (PLR 201739001) providing helpful guidance on the application of normalization proration rules for the calculation of accumulated deferred federal income taxes...more

Labor Depreciation Class Action: New Eighth Circuit Decision

This week the Eighth Circuit issued its long-awaited decision in a class action against State Farm involving the “labor depreciation” issue that I have covered extensively on this blog. State Farm prevailed on both the merits...more

Hurricane Recovery Client Alert: Natural Catastrophe Insurance Claims

by Morgan Lewis on

Insurers and policyholders should heed the critical insurance issues that arise in the aftermath of natural disasters....more

Beware of the Overstated Service Life in the Cost Approach

by Dickinson Wright on

The cost approach requires the identity and quantification of three types of obsolescence – physical, functional and economic. Assessors frequently account only for physical depreciation (although some assessors/appraisers...more

Update on Labor Depreciation Class Actions

There have been two recent federal district court decisions in the widespread class action litigation involving the application of depreciation to the labor cost component of replacement cost value on property insurance...more

Captain Morgan makes Admiral Nelson’s walk the plank

by Smart & Biggar on

Smart & Biggar prevails at trial on behalf of Diageo in trade dress case. On June 12, 2017, the Federal Court issued its 99-page decision in Diageo Canada Inc v Heaven Hill Distilleries Inc et al, 2017 FC 571. The Court...more

Depreciation of Labor Costs When Determining Actual Cash Value: Henn v. American Family

by Cozen O'Connor on

In February, the Nebraska Supreme Court held that it is acceptable for insurance companies to depreciate labor costs when determining the actual cash value (ACV) of damaged property, even when the insurance policy does not...more

IRS Issues Guidance on “Placed in Service" Date for Retail Stores

by Miles & Stockbridge P.C. on

The IRS recently announced its disagreement with the ruling of the U.S. District Court for the Western District of Louisiana, that a retail store building could be considered “placed in service” before the retail store was...more

Proposed tax changes in Australia a win for IP owners

by DLA Piper on

On 30 March 2017, the Federal Government released the Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017. The Bill contains a number of significant changes to the tax depreciation of intangible assets....more

Nebraska Supreme Court Rules that an Insurer Can Depreciate Labor in Determining Actual Cash Value

Property policies typically provide, if there is coverage, that the insured can recover for the costs to repair or replace the property damaged by loss. But when an insured does not repair or replace the damaged property (or...more

Labor Depreciation: Growing Trend Can Result In Trouble for Individual and Commercial Policyholders

by Hellmuth & Johnson PLLC on

A trend in insurance called labor depreciation could leave you holding the proverbial bag when it comes time for a covered repair. The practice, which only continues to grow, can leave claimants without the necessary funds...more

Protecting Tax Deferral for A Contribution to A Partnership

by Farrell Fritz, P.C. on

When a taxpayer (“Taxpayer”) sells a property (“Property”) with a fair market value (“FMV”) in excess of Taxpayer’s basis in Property in exchange for cash in an arm’s-length transaction, the amount of gain that he realizes on...more

Depreciation of Labor Costs Class Action: Nebraska Supreme Court Rules In Favor of Insurer

I’ve regularly followed on my blog key developments in the numerous class actions against the insurance industry involving the application of depreciation to the labor cost component of estimated replacement cost value in...more

Florida Building Owners Going Solar: Legal Considerations

As the cost of customer-sited solar power-generation plummets, more and more commercial and industrial electric customers are turning to solar power to cut their energy costs....more

Becoming As Rich As Donald Trump: Financial and Tax Policies of the United States Government That Can Lead To Significant Wealth...

by M. Robinson & Company, P.C. on

Financial and tax policies of the United States government can help Americans achieve significant wealth through real estate ownership. These policies tend to favor taxpayers who, like the Trump family, are willing to commit...more

A Comparison of Trump and House GOP Tax Reform Proposals

by Holland & Knight LLP on

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

What You Need to Know About Mergers and Acquisitions Involving Government Contractors and Their Suppliers: Volume X – Accounting...

Volume X – Accounting for the Cost of Business Combinations Under Government Contracts - Mergers and acquisitions create additional costs and complex accounting issues for government contractors. There are fees for...more

CRA: Drones Depreciable at 25%

by Dentons on

Aerial drones appear to have many commercial uses. If you use a drone in your business, you may be able to deduct capital cost allowance in respect of the drone. In CRA Document 2016-0633111E5 “CCA Class of a Drone”...more

Navigant’s Consulting’s Report on Residential Solar Misconstrues Value of Tax Attributes

Navigant Consulting on February 19 submitted a report, Solar Project Return Analysis for Third Party Owned Solar Systems, to the Arizona Public Service (APS). The thesis of the report is that residential solar developers are...more

Wilcox v. State Farm: Minnesota Supreme Court Decision In Labor Depreciation Class Action

Yesterday the Minnesota Supreme Court issued its opinion in Wilcox v. State Farm Fire & Casualty Company, a putative class action alleging that State Farm, in estimating the “actual cash value” of property damage under...more

Alert: Important Personal Property Assessment Ruling

by Pullman & Comley, LLC on

Many Connecticut clients of the Pullman & Comley Property Tax Valuation Department own significant amounts of taxable personal property such as fixtures and furnishings, warehouse equipment and computer systems in addition to...more

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