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New Member
posted Jul 7, 2020 2:02:35 PM

What is IRC Section 168(k)(7)

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1 Replies
Level 15
Jul 7, 2020 2:30:23 PM

Allows taxpayers to elect out of bonus depreciation for qualified property.

 

A taxpayer may elect out of the additional first year depreciation for the taxable year the property is placed in service.

 

See https://www.irs.gov/newsroom/additional-first-year-depreciation-deduction-bonus-faq