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Late last night the House passed The Tax Relief Act with a surprisingly large bipartisan majority of 277-148. The bill has already passed the Senate and President Obama is expected to sign shortly.
More details of what is in the bill can be found on our McKonomics blog post from earlier this week. Please feel free to contact me or our firm to discuss year-end tax planning moves.
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In the tax law I am somewhat confused about the bonus depreciation. How does the additional 50% bonus depreciation, which is now 100% bonus depreciation apply to real property? I know equipment is included, but I am confused about what consitutes real property.
Thanks
Posted by: Accounting Marketing | December 24, 2010 at 10:19 AM