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Additional First-Year Depreciation Deductions

The IRS has released guidance regarding additional first-year depreciation deductions for certain depreciable property a taxpayer acquired and placed in service after Sept. 27, 2017, and before the taxpayer’s first tax year that begins on or after Jan. 1, 2021. In a nutshell, Revenue Procedure 2020-50 allows taxpayers to make a late election or to revoke an election for the tax year ending on or after Sept. 28, 2017. For additional information:

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