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Depreciating MACRS property in tax-free exchanges.(modified accelerated cost recovery system)
Tax Adviser, The, May, 2007 by Laffie, Lesli S.
Final regulations (TD 9314, 2/26/07) explain how to depreciate certain property acquired in a like-kind exchange under Sec. 1031. The rules address how to determine annual depreciation allowances using the modified accelerated cost recovery system (MACRS) under Sec. 168 for replacement property acquired in a like-kind exchange.
The guidance also applies to involuntary conversions under Sec. 1033, when both the acquired and relinquished property are subject to MACRS by the acquiring taxpayer.
The rules finalize proposed regulations (REG-106590-00) and remove temporary regulations (TD 9115) issued Feb. 27, 2004; the final rules said that while no public hearing on the 2004 regulations was requested, the Service received several recommendations in...
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