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
As featured in Accounting Today As a result of the disposition regulations that were finalized in 2014, taxpayers are able to claim a partial disposition of a building component and recognize a loss on their tax return in the year of disposition. The partial disposition election is one of five issues targeted by the IRS … Read More
It may have been one of the most hotly contested, controversial campaigns in living memory, but there can be no denying the outcome of the 2016 US presidential election is generally friendly for business. President Donald Trump and the Republican Party both agree that that tax reform is a top priority to help stimulate the … Read More