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  2. Limits on Depreciation Deduction - Wikipedia

    en.wikipedia.org/wiki/Limits_on_Depreciation...

    Under 280F(b)(3), [1] if the business use is less than 50%, only straight-line depreciation may be used. Even if the taxpayer uses the automobile, or other listed property, exclusively for business use, the depreciation deductions are still limited by 280F(b)(3).

  3. Section 179 depreciation deduction - Wikipedia

    en.wikipedia.org/wiki/Section_179_depreciation...

    Under section 179(b)(1), the maximum deduction a taxpayer may take in a year is $1,040,000 for tax year 2020. Second, if a taxpayer places more than $2,000,000 worth of section 179 property into service during a single taxable year, the § 179 deduction is reduced, dollar for dollar, by the amount exceeding the $2,500,000 threshold, again as of ...

  4. MACRS - Wikipedia

    en.wikipedia.org/wiki/MACRS

    The 3-, 5-, 7-, and 10-year classes use 200% and the 15- and 20-year classes use 150% declining balance depreciation. All classes convert to straight-line depreciation in the optimal year, shown with an asterisk (*). A half-year depreciation is allowed in the first and last recovery years.

  5. IRS Warning: This One Tax Mistake Will Cost You — How ... - AOL

    www.aol.com/finance/irs-warning-one-tax-mistake...

    Every tax season, the IRS comes out with various warnings and reminders to taxpayers about how to avoid problems with their filings. Usually, this is in response to common mistakes that taxpayers...

  6. Half-year convention - Wikipedia

    en.wikipedia.org/wiki/Half-year_convention

    Depreciable property is assumed to be placed into service on July 1 of the year in which it is placed into service. The Internal Revenue Service is fond of the rule because without it, taxpayers would be tempted to buy property in the second half of the year and claim full depreciation deductions as if the property were used for the entire year.

  7. Calvin H. Johnson - Wikipedia

    en.wikipedia.org/wiki/Calvin_H._Johnson

    Johnson earned a B.A. in Philosophy from Columbia College in 1966, and received a Purple Heart for combat in an infantry reconnaissance unit in Vietnam in 1968. He earned a Juris Doctor from Stanford Law School in 1971 and practiced with Paul, Weiss, Goldberg, Rifkind, and Garrison in the tax department in New York City from 1971 to 1973.

  8. US Supreme Court to hear dispute over LGBT books in Maryland ...

    www.aol.com/news/us-supreme-court-hear-dispute...

    (Reuters) -The U.S. Supreme Court agreed on Friday to hear a bid by religious parents to keep their children out of classes in a Maryland public school district when LGBT storybooks are read, the ...

  9. Consumption of fixed capital - Wikipedia

    en.wikipedia.org/wiki/Consumption_of_fixed_capital

    In addition, the depreciation schedules imposed by tax departments may differ from the actual depreciation of business assets at market rates. Often, governments permit depreciation write-offs higher than true depreciation, to provide an incentive to enterprises for new investment. But this is not always the case; the tax rate might sometimes ...