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Placed in service – When tax breaks may apply to retail properties

$225.00

SKU: REAja151. Category: .

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Abstract: The date that property is “placed in service” comes into play in several potentially beneficial federal income tax provisions, including those related to certain deductions and types of depreciation. This article takes a look at one case in which a taxpayer believed that a building could be “placed in service” before it actually opened its doors for business. The IRS disagreed, but the federal district court sided with the taxpayer. A sidebar notes that the IRS has extended the construction deadline for two important tax credits. Stine LLC v. U.S., No. 2:2013cv03224, Jan. 27, 2015 (W.D. La.)

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