Depreciating Dealer Real Property
The appraisal of Tax Court decisions concerning the issue of depreciation of dealer real property argues the position for permitting dealers to deduct amounts for depreciation. The critique stresses the unfairness of calling dealer real property nondepreciable and denying dealers use of the inventory method of accounting. Topic areas include: Internal Revenue Code Sections 167 and 471, relevant law cases, the depreciation allowance issue, matching of income and deduction and the dealer and depreciation. A comparative analysis of the residential developer, the cooperative converter and the condominium converter is included. The accelerated cost recovery system (ACRS) is also discussed.
Publication Name: Taxes: The Tax Magazine
To give or not to give: determining the highest and best use of real property for charitable donations
The dangers of overvaluing real property for a charitable donation deduction are illustrated by the case of Georgia-Pacific Corp, which was ordered to pay $5 million in criminal fines as well as $16 million in back taxes for admitted intentional overvaluation of donated property. Taxpayers may value property for charitable donation deduction based on the property's 'highest and best use' if there is an established commercial demand for the prospective use, buyer willingness to pay a premium for the higher and better use and the use is not blocked by environmental or zoning ordinances.
Publication Name: Virginia Tax Review
Intellectual property: iClaim
iClaim, a software tool for Microsoft Word 2003 users, analyzes patent claims, checks them for errors and also checks for proper numbering of claims. The amazing element of iClaim is its integration into Word seamlessly.
Publication Name: Law Office Computing
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