Who Qualifies for the New Internal Revenue Code 179 Provisions?
The fixed asset must be purchased and placed in service during the 2008 tax year. For those using a calendar tax year that’s January 1 through December 31. If one uses a fiscal year, it would apply to purchases made during the 2008 fiscal year. Remember, Internal Revenue Code 179 under the new provision, as before, can’t throw a business into a loss. IRC179 can only be used to reduce taxable income to zero.
Related Questions
- Is withholding required on a transaction that qualifies as a Section 1031 exchange under the Internal Revenue Code? What if the transaction is a "deferred" Section 1031 exchange?
- How can I determine if my domestic partner or adult child qualifies under the Internal Revenue Code as my tax dependent?
- Who Qualifies for the New Internal Revenue Code 179 Provisions?
