JonesTaxPro Posted February 25, 2011 Report Share Posted February 25, 2011 I have a client who built a new Taco Bell this year. Normally 39 yr depreciation, no questions asked. However, there is a Middle Class Tax Relief Act that passed and it gives a provision to extend the accelerated depreciation of qualified restaurant buildings to 15 years. I have been searching the IRS website to try to find this beast and no luck. I am going with 39 years for depreciation. Any help would be appreciated. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted February 25, 2011 Report Share Posted February 25, 2011 My QF update shows that the 15 year MACRS recovery period for qualified leasehold improvements, restaurant property and retail improvements is extended to 2010 and 2011. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 25, 2011 Report Share Posted February 25, 2011 >> extend the accelerated depreciation of qualified restaurant buildings to 15 years<< Under Section 168(e)(7) qualified restaurant property now includes buildings as well as improvements, without a three year requirement. But also consider that qualified restaurant property is now eligible for 100% Section 179 expensing. Quote Link to comment Share on other sites More sharing options...
JonesTaxPro Posted February 25, 2011 Author Report Share Posted February 25, 2011 Thank you for all the help. I hadn't been able to find anything specific, so I appreciate all the help. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.