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13 September 2019

BREAKING TAX NEWS | IRS and Treasury issue final and new proposed regulations under IRC Section 168(k) on 100% bonus depreciation

The Treasury and IRS have released final (T.D. 9874) and new proposed (REG-106808-19) regulations on the allowance for the additional first-year depreciation deduction under IRC Section 168(k), as amended by the Tax Cuts and Jobs Act, for qualified property acquired and placed in service after September 27, 2017. T.D. 9874 finalizes, with modifications, proposed regulations released in August 2018.

The final regulations clarify the requirements that property, including used property, must meet to qualify for the deduction. The new proposed regulations would amend to the final regulations to provide taxpayers with guidance that is not addressed in the final regulations. Tax Alerts on the regulations are forthcoming.

Document ID: 2019-9018

 

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