Windfall deductions from changing depreciation. (real estate)(Tax Issues): An article from: Journal of Property Management
Book Details
PublisherInstitute of Real Estate Management
ISBN / ASINB00096NW64
ISBN-13978B00096NW61
MarketplaceFrance 🇫🇷
Description
This digital document is an article from Journal of Property Management, published by Institute of Real Estate Management on September 1, 1996. The length of the article is 1343 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
From the supplier: A new revenue procedure issued by the IRS may enable real estate managers and owners who have not fully enjoyed the depreciation benefits allowed by tax laws to avail of windfall tax deductions. Revenue Procedure 96-31 allows taxpayers who have made claims lower than the allowable depreciation in previous tax years to automatically change their accounting method for depreciation without user fees. The procedure not only authorizes an automatic change from an impermissible depreciation method or life to a permissible method or life, but also grants the taxpayer the right to subtract the full amount of the difference between the depreciation originally claimed and the amount allowed under an impermissible depreciation method or life. Property owners should consult their tax professionals for guidance.
Citation Details
Title: Windfall deductions from changing depreciation. (real estate)(Tax Issues)
Author: Francine J. Lipman
Publication:Journal of Property Management (Refereed)
Date: September 1, 1996
Publisher: Institute of Real Estate Management
Volume: v61 Issue: n5 Page: p74(2)
Distributed by Thomson Gale
From the supplier: A new revenue procedure issued by the IRS may enable real estate managers and owners who have not fully enjoyed the depreciation benefits allowed by tax laws to avail of windfall tax deductions. Revenue Procedure 96-31 allows taxpayers who have made claims lower than the allowable depreciation in previous tax years to automatically change their accounting method for depreciation without user fees. The procedure not only authorizes an automatic change from an impermissible depreciation method or life to a permissible method or life, but also grants the taxpayer the right to subtract the full amount of the difference between the depreciation originally claimed and the amount allowed under an impermissible depreciation method or life. Property owners should consult their tax professionals for guidance.
Citation Details
Title: Windfall deductions from changing depreciation. (real estate)(Tax Issues)
Author: Francine J. Lipman
Publication:Journal of Property Management (Refereed)
Date: September 1, 1996
Publisher: Institute of Real Estate Management
Volume: v61 Issue: n5 Page: p74(2)
Distributed by Thomson Gale
