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Slide 7 – References
Provision 13101
Section 179 Deduction
References
• IRC §§179(b) and 179(d)
• Publication 946 – How to Depreciate
Property
• Form 4562 Instructions
• RGS Depreciation Worksheet (currently
being revised)
Tax Cuts and Jobs Act of 2017 | Course 73083a | SB/SE 7
Slide 8 – Introduction
Provision 13101
Section 179 Deduction
Introduction
Modifications of rules for expensing depreciable business
asset or Section 179 Deduction.
General Rule – allows taxpayers other than trusts, estates, and
certain noncorporate lessors to elect, rather than capitalize, the
cost of section 179 property purchased and placed in service
during the tax year.
• Taxpayers must elect to use section 179
• Limited to amount of taxable income from any of the
taxpayer’s active trades or businesses
• Does not apply to investment property or property held for the
production of income.
Tax Cuts and Jobs Act of 2017 | Course 73083a | SB/SE 8
Student Guide TCJA – Depreciation Provisions
73083-102 A-4 05/2019
