Depreciation of personal property

Article Abstract:

The rules governing calculations of depreciation for personal property items used for business purposes has been changed by the Tax Reform Act of 1986. The new rules apply to property put into use after 1986. There are now three sets of depreciation rules: the "useful life" system for property placed in service before 1981; the accelerated cost recovery system for property put in service between 1981 and 1986; and the modified accelerated cost recovery system for property placed in service during and after 1986. The class-life, declining-balance, and mid-year conventions for calculating depreciation are explained.

Methods, Tax accounting, Valuation, Depreciation, Assets (Accounting), Accelerated depreciation

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S corporation - new rules

Article Abstract:

The IRS has issued proposed regulations and a new revenue ruling with significant implications for S corporations and their shareholders. The proposed regulations revise the single class of stock rules previously issued for S Corporations..The revenue ruling covers the tax deductibility of certain statutory fringe benefits, such as health and medical insurance, as treated by S corporations on behalf of shareholder-employees.

Finance, taxation, & monetary policy, Taxation, Column, Employee benefits, S corporations, Tax policy, United States. Internal Revenue Service

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