Old depreciation systems do not die--or even fade away very fast. Businesses and the practitioners that serve them must operate with three coexisting depreciation systems--Modified Accelerated Cost Recovery System (MACRS), the Accelerated Cost Recovery System (ACRS) and the Treasury Department's Asset Depreciation System (ADR).
CCH's U.S. Master Depreciation Guide (2019) offers tax and accounting professionals who work with businesses a one-stop resource for guidance in understanding and applying the complex depreciation rules to their fixed assets. This area is especially challenging, because bits and pieces of applicable information must be gathered from a maze of Revenue Procedures, IRS Tables and IRS Regulations. These sources are frequently old and include some materials which may be non-applicable. CCH's U.S. Master Depreciation Guide pulls the pieces together, so practitioners can make sense of all the corresponding information and put the information into practice.
The U.S. Master Depreciation Guide includes several useful "quick reference tables." These include a list of trucks, SUVs, and vans that are exempt from the luxury car caps because they weigh more than 6,000 pounds, trucks with a bed-length under six feet which are subject to a $25,000 section 179 depreciation cap, a list of states that conform to the federal bonus depreciation and section 179 expensing rules, and a comprehensive table of assets and corresponding recovery periods with cross references to the location of the related U.S. Master Depreciation Guide explanation.
Published annually, this new edition is completely updated to reflect all depreciation rule changes through press time in December. A special Highlights section provides a quick overview of any new legislation, cases, rulings, and regulations occurring since last year's edition, with cross-references to the explanation paragraph in which they are reflected.
The Guide presents a concise yet comprehensive discussion of the depreciation rules. It includes:
- Discussion of the historical background of depreciation and depreciation fundamentals.
- Coverage of :
- (1) Modified Accelerated Cost Recovery System (MACRS), which was introduced by the Tax Reform Act of 1986, and is applicable to most tangible depreciable property in service after 1986;
- (2) Accelerated Cost Recovery System (ACRS) introduced by the Economic Recovery Act of 1981;
- (3) General rules for pre-1981 property;
- (4) Asset Depreciation Range (ADR) system which dates back to 1971;
- Code Sec. 179 expensing rules; and
- (5) Amortization of intangibles, including section 197 intangibles.
The Guide also discusses accounting method changes required to comply with recently issued MACRS regulations dealing with general assets accounts and dispositions, including retirements of structural components. A handy reference chart of these changes is provided.
The U.S. Master Depreciation Guide also includes a Case Table, Official Source Finding Lists that provide cross references to all cases and rulings contained in the text of the Guide, and detailed Table of Contents and Topical Indexes to help quickly locate needed information. It comes complete with the CCH-exclusive Quick Facts Card for convenient, at-a-glance reference to key depreciation figures.
U.S. Master Depreciation Guide (2019) is now available in an eBook format which you can download to your computer instantly.