I sold some MLP and in there are 2 forms in K1 states conform and don't conform to federal bonus depreciation. I live in TN. Which is for TN?
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The following is a matrix for state conformity, but you should absolutely check each state's web site.
http://www.proware-cpa.biz/pdf/akpro/states_bonus_depreciation_conformity.pdf
https://pro.bloombergtax.com/state-conformity-with-federal-depreciation-rules/
I live in TN. According to your link TN DOES conform but in the above link it say it does NOT conform according to new tax changes. Now I am confused.
That is why I specifically suggested visiting the state's web site, and not to rely on other sources.
Thanks, My link was correct in saying TN does not allow bonus depreciation.
@Anonymous wrote:
Thanks, My link was correct in saying TN does not allow bonus depreciation.
I don't mean to be picky, but your link does seem to focus specifically on corporate income tax.
no problem, thanks I have few questions regarding K1 sale and ordinary gain. I have posted them separately. Would you be kind enough to give your input?
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