Inside The IRS' Final First-Year Depreciation Tax Regulations

Law360 (October 9, 2020, 6:01 PM EDT) -- On Sept. 21, the U.S. Department of the Treasury and the Internal Revenue Service released a second set of final regulations[1] implementing the 100% additional first-year depreciation deduction under Section 168(k), which allows businesses to fully deduct the cost of most depreciable business assets in the year they are placed in service by the business.

The 2020 final regulations adopt, with modifications, the proposed regulations issued in September 2019[2] and provide clarifying guidance on issues that were not addressed in a set of final regulations released in September 2019.[3] In addition, the 2020 final regulations note certain areas where additional guidance will...

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