Newly Unveiled Final Regulations. Unshackling Guidance, Compelling Choices.
With Bradley Burnett
Congress radically overhauled §168(k) in the Tax Cuts Jobs Act (TCJA) on 12/22/17. Treasury took a somewhat harsh stab at guidance via proposed regs on Aug. 8, 2018. More recently, IRS issued a Rev. Proc. granting late election relief and, then, wallah!!
Final regs and a new batch of proposed regs broke loose on Sept. 13, 2019. What new adventures await?
What you will learn:
- Lucrative retroactive elections available (without former procedural hurt)
- How does bonus change every real estate purchase your client makes?
- Used property and anti-churning
- Interaction with §163(j) – There’s a new sheriff in town
- Catastrophic mistakes – What if you don’t elect out (or do)?
- Partnership issues – Is a bonus available when you buy a partnership? If so, how?
- Binding written contract vs. self-constructed property – Work-in-progress set free
- Effective dates all over the place – Choices, choices, choices, choices