What are the useful life of the following assets: All of the following assets are used in a Restaurant Business 1) signage 2) reach-in freeze 3) food warmer 4) kitchen floor replacemen 5) Kitchenware 6) table for customers use
01250
1 Replies
JamesG1
Expert Alumni
Mar 11, 2024 6:41:14 AM
See pages 28-30 in IRS Publication 946here for broad categories of business property.
Page 28 states that 7 year property includes:
Any property that does not have a class life and has not been designated by law as being in any other class.