New answers tagged depreciation
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US IRS Form 4562: section 179 for a trust
The IRC Sec. 179(a) says this:
A taxpayer may elect to treat the cost of any section 179 property as an expense which is not chargeable to capital account. Any cost so treated shall be allowed as a ...
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US IRS Form 4562 "basis"
Once the basis is set, it doesn't reset. It gets adjusted (down) by the depreciation allowed (or allowable). The basis is not necessarily market value though. There are non trivial rules to determine ...
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