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What other tax consequences arise from using the CR Deduction?

April 26, 2017arise consequences CR deduction tax

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What other tax consequences arise from using the CR Deduction?

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No depreciation is allowed for amounts deducted as CR Deduction. The adjusted basis of the building is reduced by the amount of the CR Deduction, and the deduction is treated as a depreciation deduction in applying the depreciation recapture rules.