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depreciation recapture
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1.091 documents for depreciation recapture
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The IRS has issued regulations primarily under IRC section 1245 that identify how depreciation recapture should be allocated when a partnership disposes of property subject to depreciation. There had been no guidance on how to allocate recapture gain when the property disposed of had been subject to IRC section 704(c). A partner's distributive gain will be the lesser of the partner's total gain in the disposition or the partner's share of the depreciation or amortization. Remaining recapture gain is allocated in proportion to the partner's share of the total gain.
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explains how the GO Zone bonus depreciation recapture provision of Section 1400N(d)(5) applies to GO Zone property transferred in a like-kind exchange or as a result of an involuntary conversion.
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IRS regulations The IRS issued final regulations containing rules for allocating the recapture of depreciation in partnerships which are effective in most cases on Aug 20, 1997 for property contributed on Dec 21, 1993 or later. The rules revise the Dec 12, 1996 proposed regulations. Included is a mandatory allocation rule, special rules relating to IRC section 704(c), and rules for corrective allocations.
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Favorable capital gains tax rates provide a stimulus for owners wishing to sell appreciated property. IREM believes it is best for Congress to encourage real estate investment in the US by creating a tax system that recognizes inflation and creates a meaningful differential between the tax rates for those who choose to invest in real estate and those for capital gains. Further, IREM supports depreciation reform for nonresidential and residential real estate that secures a significantly shorter cost recovery period for commercial real estate without adding complexity or creating artificial acceleration of deductions.
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DOMESTIC RELATIONS - divorce; marital estate; settlement agreement; stipulations; ambiguity; depreciation recapture tax liability
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... these sections affect payments for depreciation, interest on capital indebtedness, return on equit... made to prior owners, and the recapture of depreciation. (d) Changes in ownership of NFs a...
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Taxpayer Relief Act of 1997 The Taxpayer Relief Act of 1997's enactment in IRC section 121 of the exclusion of gain on the sale of principal residences has planning implications for foreign nationals and expatriates. Executives or other internationally mobile workers may have special planning needs under the new rules due to holding and use periods and depreciation recapture. Analysis of section 897 leads to the conclusion that nonresident aliens are allowed the exclusion.
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Most real-estate investors are familiar with Internal Revenue Code Section 1031 that provides for the deferral of capital-gain and depreciation-recapture taxes if the investment real estate they wish to relinquish is exchanged for other real estate rather than sold outright. It is important to note that a 1031 exchange is a tax- deferred transaction and is not tax-free. However, the investor has the use of the funds during the deferred period, sometimes through many years and many property exchanges. Less commonly known is IRC Section 721. This provision allows an investor to defer capital-gain and depreciation-recapture taxes by exchanging or contributing investment property into an ownership interest within a real-state investment trust (REIT). The investor receives units of ownership...
