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Article: Expensing depreciable assets; proposed Sec. 179 regulations clarify recent tax act changes.

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The Tax Adviser
Article date:
January 1, 1992
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Copyright

Proposed Sec. 179 Regulations Clarify recent Tax Act Changes On Mar. 28, 1991, the IRS published proposed regulations on the Sec. 179 election to expense certain depreciable assets. These proposed regulations, which incorporate changes to Sec. 179 made by the Technical and Miscellaneous Revenue Act of 1988 (TAMRA) and the Tax Reform Act of 1986 (TRA), provide guidance on the dollar and taxable income limits affecting Sec. 179, in addition to clarifying the computation of Sec. 179 expense for partnerships, S corporations and their owners. The proposed regulations also define the meaning of "active conduct of a trade or business" for purposes of applying the taxable income ...

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