Business & farm

The UBIA amount for any asset is the original basis of the item used in business before depreciation, special depreciation, or Section 179 deductions have been taken on the item owned by the business.   The original basis is usually the original cost of the item and can be found under the original cost column on 4562.   Are any assets less than 100% business-use?

Under Sec. 199A(b)(6), the UBIA of qualified property generally equals the cost of tangible property subject to depreciation that satisfies all of the following criteria:

1. The property is both held by and available for use in the trade or business at the close of the tax year;
2. The property is used at any point during the tax year in the production of the trade or business's QBI; and
3. The property's depreciable period for UBIA of qualified property purposes has not ended before the close of the taxpayer's tax year. 

For purposes of the third criterion, the property's depreciable period is either 10 years after the property is placed in service, or the last day of the last full year of the property's normal Sec. 168(c) depreciable period, whichever is later. 

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