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modified accelerated cost recovery system
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Modified accelerated cost recovery system
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Although the Economic Stimulus Act of 2008 provides only a few incentives for businesses to purchase additional equipment, it provides the much-publicized rebate checks for individuals. The Economic Stimulus Act provides taxpayers with a significant opportunity to expense business investments under IRC section 179. The amount of property that can be depreciated is limited by the modified accelerated cost recovery system. The Economic Stimulus Act increases the limitation on the allowable depreciation on passenger automobiles under IRC section 280F by $8,000 in the first year, unless the taxpayer elects out. To receive their rebate under the Economic Stimulus Act, taxpayers need only file a 2007 return. Although this is one of the shortest and fastest tax bills passed by Congress, and ha...
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Modified accelerated cost recovery system
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Saginaw Bay Pipeline Company (Saginaw Bay), an entity formed under a subsidiary of the Michigan Consolidated Gas Corp, operated a 126-mile underground, steel pipeline network constructed to transport "raw" or "wet" natural gas. As such, the company depreciated the asset over seven years under the Modified Accelerated Cost Recovery System (MACRS). The IRS challenged Saginaw Bay's use of this seven-year recovery period, maintaining a fifteen-year depreciation schedule was appropriate. In doing so, it disallowed $3,474,244 worth of depreciation deductions taken by the company. The overt issue for the Sixth Circuit Court of Appeals was whether Saginaw Bay's subterranean natural gas pipeline system should be depreciated over a seven-year period as opposed to a fifteen-year period. In conclus...
