To qualify, these horses must be used predominantly within the United States. Other property to be eligible must have a recovery period of 20 years or less under the Modified Accelerated Cost Recovery System.
LOS ANGELES (PRWEB) May 12, 2020
Catanese & Wells is pleased to announce that their Founder, T. Randolph Catanese, Esq. was featured in the latest addition of the American Horse Council Tax Bulletin.
After President Trump provided an emergency declaration pursuant to the Stafford Act, which allows all individual and all non-corporate tax filers to defer up to $1 million of federal income tax payments due on April 15th and July 15th of this year without penalties or interests, people in the equine industry were left to figure out how this impacts their interests. T. Randolph Catanese, Esq. provided expert insights in the American Horse Council Tax Bulletin.
Anytime the IRS issues new or proposed regulations, T. Randolph Catanese, Esq. and his legal team are quick to thoroughly research the information to leverage it for the best benefit of their clients. This was made clear via the insights provided in the latest addition of the American Horse Council Tax Bulletin.
T. Randolph Catanese, Esq. explained, “The Tax Cuts and Jobs Act (“TCJA”) enacted in late 2017 increased the amount of Bonus Depreciation from 50% to 100% of the purchase price for property placed in service after September 27, 2017 and before January 1, 2023, so long as the property is eligible. Generally, horses which are eligible property include racing prospects, racehorses, broodmares and stallions.”
Catanese continued, “To qualify, these horses must be used predominantly within the United States. Other property to be eligible must have a recovery period of 20 years or less under the Modified Accelerated Cost Recovery System. The asset must be “placed in service” during the tax year where the bonus depreciation is claimed by the taxpayer. Under the TCJA the IRS was directed to promulgate regulations related to Section 168(k) of the Internal Revenue Code, as amended.”
Those with questions regarding the latest news out of Washington are encouraged to reach out to Catanese and Wells. The team can be reached via their website at http://www.CataneseLaw.com
To Learn More About Catanese and Wells:
To learn more about T. Randolph Catanese, Esq. please visit the Catanese & Wells website at http://www.cataneselaw.com. Mr. Catanese publishes a quarterly newsletter regarding equine legal issues. The newsletter is available upon request. Mr. Catanese may be reached directly at the law firm at (818) 707-0407.