Tag: Q&A

If we make an election/statement in 2013 and discover in 2015 that a retirement of an asset from 2008 should be made, is the loss taken in 2015 or would we file an amended 2013 return to claim the loss? Rev. Proc. 2012-20 is the guidance that is supposed to be updated by the IRS

A computer system used to control the heating, ventilation, and air conditioning system of an office building is classified as: A structural component of a building with a 39 year recovery period A project has an electrical panel with 42 circuit breakers, each rated at 20A/1P. Through your detailed analyzes you have identified 28 circuit

Can we confirm whether the tangible property regs’ Small Taxpayer Safe Harbor election mentions anywhere whether, for purposes of the gross receipts test, one must consider “controlled group” or attribution rules under section 318? This is a good question. (To clarify the Small Taxpayer Safe Harbor is an annual election for businesses with $10 million

I am a property owner in the process of rehabilitating a few older commercial buildings. My Accountant informed me that there are preservation tax credits that I can apply to reduce my rehabilitation costs but I am still waiting on information from him. Is this true? Yes, your accountant is correct. As a synopsis, there