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  2. 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 ...

  3. Depreciation recapture - Wikipedia

    en.wikipedia.org/wiki/Depreciation_recapture

    However, under IRC § 1(h)(1)(D), real property that has experienced a gain after providing a taxpayer with a depreciation deduction is subject to a 25% tax rate—10% higher than the usual rate for a capital gain. This higher tax rate serves as a rough surrogate for depreciation recapture.

  4. Tax amortization benefit - Wikipedia

    en.wikipedia.org/wiki/Tax_amortization_benefit

    The corporate tax rate as well as the tax amortization period are defined by country-specific tax legislations. The tax amortization period might be different from the useful life used in accounting. For example, while trademarks can have an indefinite useful life for accounting purposes, the tax legislation of the United States establishes a ...

  5. Substantial Presence Test - Wikipedia

    en.wikipedia.org/wiki/Substantial_Presence_Test

    The Substantial Presence Test (SPT) is a criterion used by the Internal Revenue Service (IRS) in the United States to determine whether an individual who is not a citizen or lawful permanent resident in the recent past qualifies as a "resident for tax purposes" or a "nonresident for tax purposes"; [1] [2] it is a form of physical presence test.

  6. List of acts of the 112th United States Congress - Wikipedia

    en.wikipedia.org/wiki/List_of_Acts_of_the_112th...

    To extend certain tax relief provisions enacted in 2001 and 2003, and to provide for expedited consideration of a bill providing for comprehensive tax reform, and for other purposes 112-241: January 10, 2013 (No short title) To designate the City of Salem, Massachusetts, as the Birthplace of the National Guard of the United States. 112-242

  7. Taxing and Spending Clause - Wikipedia

    en.wikipedia.org/wiki/Taxing_and_Spending_Clause

    However, Congress may tax goods not in transit even though they are intended for export so long as the tax is not imposed solely for the reason that the good will be exported. [50] For example, a tax imposed on all medical supplies would be constitutional even though there is a likelihood a portion of those supplies will be exported.

  8. Entity classification election - Wikipedia

    en.wikipedia.org/wiki/Entity_classification_election

    The election is effective for Federal income tax purposes. If an entity is not classified as a corporation, it is treated as a partnership for U.S. tax purposes if it has more than one owner, or is treated as a "disregarded entity" if it has a single owner (i.e. is treated as part of the single owner).

  9. DOT-111 tank car - Wikipedia

    en.wikipedia.org/wiki/DOT-111_tank_car

    A DOT-111 tank car, specification 111A100W1, constructed by fusion welding carbon steel.This car has a capacity of 30,110 US gallons (113,979 L; 25,071.8 imp gal), a test pressure of 100 psi (690 kPa), a tare weight of 65,000 pounds (29,500 kg) and a load limit of 198,000 pounds (89,800 kg).