§179. Election to expense certain depreciable business assets — Inbound Citations
26 U.S.C. § 179
Cited by 32 provisions in release 119-102.
Citations to 26 U.S.C. § 179 as a whole
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(C) any property, to which section 168 applies (or would apply but for section 179), for use in a facility described in subparagraph (A) or (B).
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(G) expenditures for which a deduction is allowed under section 179,
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(1) Any deduction allowable under section 179 with respect to any listed property shall be subject to the limitations of subsections (a) and (b), and the limitation of paragraph (3) of this subsection, in the same manner as if it were a depreciation deduction allowable under section 168.
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(i) For purposes of computing the earnings and profits of a corporation, except as provided in clause (ii), any amount deductible under section 179, 179B, 179C, 179D, or 179E shall be allowed as a deduction ratably over the period of 5 taxable years (beginning with the taxable year for which such amount is deductible under section 179, 179B, 179C, 179D, or 179E, as the case may be).
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(C) so much of any real property (other than any property described in subparagraph (B)) which has an adjusted basis in which there are reflected adjustments for amortization under section 169, 179, 179B, 179C, 179D, 179E, 188 (as in effect before its repeal by the Revenue Reconciliation Act of 1990), 190, 193, or 1941
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(a) In the case of an enterprise zone business, for purposes of section 179—(1) the limitation under section 179(b)(1) shall be increased by the lesser of—(A) $35,000, or(B) the cost of section 179 property which is qualified zone property placed in service during the taxable year, and(2) the amount taken into account under section 179(b)(2) with respect to any section 179 property which is qualified zone property shall be 50 percent of the cost thereof.
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(B) the cost of section 179 property which is qualified zone property placed in service during the taxable year, and
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(2) the amount taken into account under section 179(b)(2) with respect to any section 179 property which is qualified zone property shall be 50 percent of the cost thereof.
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(1) The term “qualified zone property” means any property to which section 168 applies (or would apply but for section 179) if—(A) such property was acquired by the taxpayer by purchase (as defined in section 179(d)(2)) after the date on which the designation of the empowerment zone took effect,(B) the original use of which in an empowerment zone commences with the taxpayer, and(C) substantially all of the use of which is in an empowerment zone and is in the active conduct of a qualified business by the taxpayer in such zone.
Citations to §179(a)
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(A) A taxpayer may elect, at such time and in such manner as the Secretary may prescribe, to treat property which constitutes an outdoor advertising display as real property for purposes of this chapter. The election provided by this subparagraph may not be made with respect to any property with respect to which an election under section 179(a) (relating to election to expense certain depreciable business assets) is in effect.
Citations to §179(b)
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(L) The increase in the limitations on expensing depreciable business assets for small businesses under section 179(b) of title 26 as in effect in tax year 2010, as provided under section 202 of JGTRRA and any later amendment through December 31, 2009.
Citations to §179(b)(1)
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(1) the limitation under section 179(b)(1) shall be increased by the lesser of—(A) $35,000, or(B) the cost of section 179 property which is qualified zone property placed in service during the taxable year, and
Citations to §179(b)(2)
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(2) the amount taken into account under section 179(b)(2) with respect to any section 179 property which is qualified zone property shall be 50 percent of the cost thereof.
Citations to §179(d)
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(C) which is acquired by the taxpayer by purchase (as defined in section 179(d)) after the date of the enactment of this subsection, but only if no written binding contract for the acquisition was in effect on or before the date of the enactment of this subsection, and
Citations to §179(d)(2)
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(i) the building is acquired by purchase (as defined in section 179(d)(2)),
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(I) acquired by purchase (as defined in section 179(d)(2)) by the taxpayer after August 31, 2008, but only if no written binding contract for the acquisition was in effect before September 1, 2008, or
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(1) apply rules similar to the rules under section 179(d)(2) in order to prevent the manipulation of the depreciable period of qualified property using transactions between related parties, and
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(A) such property was acquired by the taxpayer by purchase (as defined in section 179(d)(2)) after the date on which the designation of the empowerment zone took effect,
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(I) such property was acquired by the qualified opportunity fund by purchase (as defined in section 179(d)(2)) after December 31, 2017,
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(iii) For purposes of subparagraph (A)(i), the related person rule of section 179(d)(2) shall be applied pursuant to paragraph (8) of this subsection2 in lieu of the application of such rule in section 179(d)(2)(A).
Citations to §179(d)(2)(A)
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(iii) For purposes of subparagraph (A)(i), the related person rule of section 179(d)(2) shall be applied pursuant to paragraph (8) of this subsection2 in lieu of the application of such rule in section 179(d)(2)(A).
Citations to §179(d)(2)(B)
Citations to §179(d)(2)(C)
Citations to §179(d)(3)
Citations to §179(d)(10)
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(6) For purposes of this subsection, rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified second generation biofuel plant property which ceases to be qualified second generation biofuel plant property.
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(b) Rules similar to the rules under section 179(d)(10) shall apply with respect to any qualified zone property which ceases to be used in an empowerment zone by an enterprise zone business.