Sage Fixed Assets Depreciation Fundamentals 2017.1

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Sage Fixed Assets Depreciation Fundamentals 2017.1 User guide January 2017 Last updated: December 19, 2016 © 2017 The Sage Group plc or its licensors. All rights reserved. Sage, Sage logos, and Sage product and service names mentioned herein are the trademarks of The Sage Group plc or its licensors. All other trademarks are the property of their respective owners. Sage End User License Agreement (EULA): http://na.sage.com/sage-na/eula Sage Fixed Assets Depreciation Fundamentals Contents Section 1:Introduction: Features and More Features... 1-i Section 1:Preface: Historical Overview 1-i A History of Depreciation . 1-vii Section I: Fundamentals of Depreciation I-1 What Are Fixed Assets? . I-1 Who May Claim Depreciation? . I-2 What Property May Be Depreciated? . I-2 Additional Expenditures . I-4 Financial Reporting . I-4 Elements of Depreciation . I-7 Tax Reporting . I-7 Type of Property . I-10 The Date Placed in Service . I-11 Estimated Useful Life . I-12 Depreciable Basis . I-12 Basis Used for Depreciation . I-12 Trade-ins and Basis . I-14 Miscellaneous Basis Issues . I-18 Multiple Depreciation Calculations: An Overview . I-19 Section II: Amortization II-1 Amortization of Property for Financial Reporting Purposes . II-2 Computer Software . II-2 Copyrights . II-3 Covenants-Not-To-Compete . II-3 Customer Lists . II-3 Easements . II-3 Franchises . II-4 Sage Fixed Assets - Depreciation Fundamentals Contents-1 Contents Goodwill . II-4 Leasehold Improvements . II-4 Organization Costs . II-4 Patents . II-5 Research and Development Costs . II-5 Trademarks and Trade Names . II-5 Amortization of Property for Tax Reporting Purposes . II-5 Pre-1993 Tax Act Rules . II-6 Post–1993 Tax Act Rules . II-6 Miscellaneous Amortizable Property . II-9 Section III: Depreciation for Financial Reporting III-1 Depreciation Methods for Financial Reporting . III-2 Straight-Line Method . III-2 Accelerated Methods . III-2 Production or Use Methods . III-6 Revising an Asset’s Estimated Life . III-7 Depreciation for Partial Periods . III-9 FASB ASC 740 (formerly FAS 109) and Depreciation . III-11 Deferred Tax Liability . III-13 Deferred Tax Asset . III-13 Disposed Assets . III-13 Establishing a Deferred Tax Account . III-14 Financial Reporting: A Summary . III-16 Section IV: Depreciation for Income Tax Reporting IV-1 Section IV: Chapter 1: First-Year Expensing IV-5 De Minimis Safe Harbor Rule . IV-5 Section 179 Expense . IV-7 Property Qualifying for the Section 179 Expense Deduction . IV-7 To Qualify By Type . IV-8 To Qualify By Use . IV-9 To Qualify By How Acquired . IV-9 Examples of Qualifying and Nonqualifying Property . IV-11 Limits on the Amount of the Section 179 Expense Deduction ..

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Depreciation Recovery Periods and Methods
Report to The Congress on Depreciation Recovery Periods and Methods Department of the Treasury July 2000 July 282000 The Honorable Bill Archer Chairman Committee on Ways and Means House of Representatives Washington, DC 205 15 Dear Mr. Chairman: Section 2022 of P.L. 105-277, the Tax and Trade Relief Extension Act of 1998 (the 1998 Act), directed the Secretary of the Treasury to conduct a comprehensive study of the recovery periods and depreciation methods under section 168 of the Internal Revenue Code and to provide recommendations for determining those periods in a more rational manner. The 1998 Act directed the Secretary to submit the results of the study and recommendations to the House Committee on Ways and Means and the Senate Finance Committee by March 3 1,200O. Pursuant to that directive, I hereby submit the “Report to the Congress on Depreciation Recovery Periods and Methods.” I am sending a similar letter to Senator William V. Roth, Jr., Chairman of the Committee on Finance, Senator Daniel P. Moynihan, and Representative Charles B. Rangel. Sincerely, Jonathan Talisman Acting Assistant Secretary Tax Policy Encl.osure L July 28,200O The Honorable William V. Roth, Jr. Chairman Committee on Finance United States Senate Washington, DC 205 10 Dear Mr. Chairman: Section 2022 of P.L. 105-277, the Tax and Trade Relief Extension Act of 1998 (the 1998 Act), directed the Secretary of the Treasury to conduct a comprehensive study of the recovery periods and depreciation methods under section 168 of the Internal Revenue Code and to provide recommendations for determining those periods in a more rational manner.
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Federal Register/Vol. 69, No. 116/Thursday, June 17, 2004/Rules
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