Summary
The American Jobs Creation Act of 2004 is the most significant overhaul of corporate and international taxation since the Tax Reform Act of 1986. The legislation contains several provisions favorable to real estate investors and Realtors. Qualified leasehold improvements made between October 22, 2004, and January 1, 2006, may be depreciated using a 15-year cost recovery period and a straight-line method. Numerous technical corrections were made to modernize the REIT rules and clarify compliance burdens. The legislation imposes new limits on tax benefits for leases to certain tax-exempt entities. The new law extends the $100,000 small business expensing provisions through December 31, 2007. As of October 22, 2004, the deduction for self-employed petsons who purchase vehicles classified as 6,000-14,000 pounds gross vehicle weight will be limited to $25,000.
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Speedier Recovery
The American Jobs Creation Act of 2004 is the most significant overhaul of corporate and international taxation since the Tax Reform Act of 1986. The...
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