IRS Revises MACRS Depreciation.* Taxpayers who exchange modified accelerated cost recovery system Modified Accelerated Cost Recovery System (MACRS) A 1986 act that set out rules for the depreciation of qualifying assets, allowing for greater acceleration over longer periods of time. (MACRS See Modified Accelerated Cost Recovery System. MACRS See Modified Accelerated Cost Recovery System (MACRS). ) property on or after January 3, 2000, through either an IRC (Internet Relay Chat) Computer conferencing on the Internet. There are hundreds of IRC channels on numerous subjects that are hosted on IRC servers around the world. After joining a channel, your messages are broadcast to everyone listening to that channel. section 1031 like-kind exchange or a section 1033 involuntary conversion, now are required to treat the excess basis of the acquired MACRS property as newly purchased. According to notice 2000-4, the new asset will now be treated as two separate properties for depreciation purposes. --Michael Lynch, CPA, Esq., professor of tax accounting at Bryant College, Smithfield, Rhode Island Smithfield is a town in Providence County, Rhode Island, United States. It includes the historic villages of Esmond, Georgiaville, Mountaindale, Hanton City and Greenville. The population was 20,613 at the 2000 census. . |
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