Comments for Proposed Regulations 1.1031(a)-3 (REG-117589-18)

08/07/2020

This letter was originally published by the ASCSP. Our Principals John W. Hanning, CCSP, MBA, Lester Cook,CCSP, and Malik Javed,CCSP, are board members of the ASCSP The American Society of Cost Segregation Professionals (ASCSP) wishes to commend the Treasury Department (Treasury) and the Internal Revenue Service (IRS) for the thoughtful effort clearly reflected in Proposed … Read More

KBKG Tax Insight: Partial Dispositions & Deduction of Demolition Costs

07/07/2020

Subsequent to the acquisition of a property, taxpayers often incur capital expenditures related to property renovations and improvements. As this work occurs, the existing components are often removed or disposed of.  IRC Section 1.168(i)-8(d)(2) allows taxpayers to realize a gain or loss by making an election to partially dispose the adjusted basis of the aforementioned … Read More

KBKG Tax Insight: Concurrent IRS Form 3115 Template (DCN 244 & 7)

06/17/2020

On April 17, 2020, the IRS released Rev. Proc. 2020-25 outlining how to implement the Qualified Improvement Property (QIP) changes that were part of the CARES Act of 2020 using Form 3115, Change in Accounting Method. Section 6.03(4)(b), states that a taxpayer making a change 244 to correct QIP and changed related to depreciation recovery … Read More

KBKG Tax Insight: Opportunity Zones and Cost Segregation

04/27/2020

As Featured in Accounting Today Opportunity Zones are garnering increased interest across the country. Taxpayers who meet the requirements for investing in an Opportunity Zone can potentially take advantage of increased depreciation deductions through cost segregation, further decreasing their tax liability. KBKG Insight: There is an opportunity to take advantage of cost segregation for certain … Read More