Internal Revenue Service November 10, 2020 – Federal Register Recent Federal Regulation Documents

Additional First Year Depreciation Deduction
Document Number: 2020-24026
Type: Proposed Rule
Date: 2020-11-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document withdraws a portion of a notice of proposed rulemaking published in the Federal Register on September 24, 2019. The withdrawn portion relates to the extent to which a partner is deemed to have a depreciable interest in property held by a partnership.
Additional First Year Depreciation Deduction
Document Number: 2020-21112
Type: Rule
Date: 2020-11-10
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that provide guidance regarding the additional first year depreciation deduction under section 168(k) of the Internal Revenue Code (Code). These final regulations reflect and further clarify the increased deduction and the expansion of qualified property, particularly to certain classes of used property, authorized by the Tax Cuts and Jobs Act. These final regulations generally affect taxpayers who depreciate qualified property acquired and placed in service after September 27, 2017.