The IRS has concluded in Chief Counsel Advice 201203014, that qualified restaurant property and qualified retail improvement property placed in service during the 2008 and 2009 tax years is eligible for bonus depreciation under Code Sec. 168(k) if the property also meets the definition of qualified leasehold improvement property.
Taxpayers should note for qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property placed in service after 2011, a 39-year (up from 15-year) write-off period will generally apply.
If you are acquiring, expanding or building a facility Pinnacle’s Cost Segregation team can help you minimize your tax bill and increase your cash flow.
Whether you are looking for compliance assistance or refund opportunities, Pinnacle will provide a clear vision and coordinated plan to minimize your state and local tax cost and liabilities.
Learn how your company’s activities to improve your design, products or process can lead to significant R&D tax credits.