Bonus depreciation can again be part of tax strategy


Normally, depreciation is the method of allocating the cost of an asset over the period during which the asset is used. A depreciation method, life of the asset and convention are used to compute depreciation.

However, a new concept referred to as bonus depreciation was introduced after the attacks on the World Trade Center and other parts of the United States on Sept. 11, 2001.

Congress enacted a special depreciation allowance (i.e. bonus depreciation) for certain new personal property. In general, Congress allowed taxpayers to claim bonus depreciation on certain property equal to 30% of the . . .

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