Webinar

Weighing in on the Section 179 SUV Deduction

The Consolidated Appropriations Act of 2015 made permanent the Section 179 $500,000 expense limitation and $2 million phase-out amounts. The Act also extended Section 168(k) through at least 2019, reducing the 50% bonus depreciation to 40% in 2018 and 30% in 2019. However, the Act left the Section 280F Statutory/Regulatory anomaly unchanged. Taxpayers benefit from Treasury’s definition of the SUV weight limits for Section 179 100% depreciation and Section 168(k) bonus depreciation purposes.

 

Syllabus

Lesson 1.

Introduction

Lesson 2.

Consolidated Appropriations Act

Lesson 3.

Section 179 and 168(k) Comparisons

Lesson 4

The Section 179 SUV Deduction

Lesson 5

Conclusion

 

**This course is approved by the IRS. The submission of a completed request form, found under the materials tab, is required for credit.

Objectives

*Recognize correctly how the Consolidated Appropriations Act of 2015 made permanent amendments to Section 179’s 500,000 expense limitation and phase-out amounts

*Recognize correctly important tax planning distinctions between Section 179 100% depreciation and Section 168(k) bonus depreciation  

*Recognize the Section 280F statutory unloaded gross vehicle weight rating correctly refers to the vehicle’s curbside weight  

*Recognize correctly the Section 280F Treasury Regulations changed the curbside weight standard to simply a gross vehicle weight rating standard  

*Recognize correctly the IRS is bound by Treasury Regulations while the courts are not  

*Recognize the Treasury Regulations’ curbside/GVWR anomaly presents possible late year tax planning opportunities 

Highlights

*The Consolidated Appropriations Act of 2015, Sections 124 and 143  

*Important tax planning Section 179 100% depreciation and Section 168(k) bonus depreciation distinctions  

*The Treasury Regulation’s transformation of a statutorily imposed curb side weight limit to a gross vehicle weight rating  

*IRS is bound by the Treasury Regulation’s executive fiat

Additional Information

Designed For

*CPAs
*Attorneys
*Enrolled Agents

Vendor

ACPEN

Advanced Preparation

None

Prerequisite

This webcast is an intermediate continuing education webcast.
It is assumed the webcast participant has basic familiarity with Section 179 100% depreciation and Section 168(k) bonus depreciation.

Field of Study

Taxes

Course Number

171257868

Level of Knowledge

Intermediate

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