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Technical

New Retail and Restaurant Remodel/Refresh Safe Harbor for Determining Repairs Logo aicpa

  Sharon A. Kay, CPA, and David Murdock, CPA |   Free |   AICPA |   01 Feb 2016 |   Tax Adviser Magazine

A new safe harbor allows retail and restaurant taxpayers to deduct 75% of qualifying expenditures for remodeling qualified buildings and capitalize just 25%. This article discusses the new provisions, including the background, limitation on partial disposition elections, requirement to use general asset accounts, and other requirements.

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Topics covered:
  • Tax: Technical: Tax accounting: Capitalization & depreciation, Intermediate

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