Internal Revenue Code Section 179
GPTKB entity
Statements (48)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:United_States_federal_law
|
| gptkbp:administeredBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:amendedBy |
gptkb:American_Recovery_and_Reinvestment_Act_of_2009
gptkb:Small_Business_Jobs_Act_of_2010 gptkb:Tax_Cuts_and_Jobs_Act_of_2017 |
| gptkbp:appliesTo |
qualified real property
tangible personal property off-the-shelf computer software property acquired by purchase property placed in service during the tax year property used more than 50% in business |
| gptkbp:benefit |
small businesses
|
| gptkbp:canBeCarriedForward |
unused deduction
|
| gptkbp:codifiedIn |
26 U.S. Code § 179
|
| gptkbp:compatibleWith |
property acquired from related parties
property held for investment property used for lodging air conditioning or heating units (with exceptions) |
| gptkbp:dateEnacted |
1958
|
| gptkbp:enables |
expensing of certain depreciable business assets
|
| gptkbp:excludes |
gptkb:farmer
investment property property acquired by gift or inheritance property used by certain tax-exempt organizations property used outside the United States |
| gptkbp:hasAnnualLimit |
applies per taxpayer, not per property
|
| gptkbp:hasDeductionLimit |
$1,160,000 for tax year 2023
|
| gptkbp:hasPhaseoutThreshold |
$2,890,000 for tax year 2023
|
| https://www.w3.org/2000/01/rdf-schema#label |
Internal Revenue Code Section 179
|
| gptkbp:intendedUse |
encourage investment in business property
|
| gptkbp:partOf |
gptkb:Internal_Revenue_Code
|
| gptkbp:provides |
immediate deduction for cost of qualifying property
|
| gptkbp:purpose |
to simplify depreciation for small businesses
|
| gptkbp:reducesDeduction |
dollar-for-dollar above phaseout threshold
|
| gptkbp:relatedTo |
bonus depreciation
Section 168 (MACRS) |
| gptkbp:reportsTo |
IRS Form 4562
|
| gptkbp:requires |
active use in trade or business
election by taxpayer |
| gptkbp:subject |
taxable income limitation
recapture rules if property use changes |
| gptkbp:usedBy |
gptkb:LLCs
corporations partnerships businesses self-employed individuals |
| gptkbp:bfsParent |
gptkb:Section_179_expensing_(increased_limit)
|
| gptkbp:bfsLayer |
6
|