TEI Comments on Proposed Bonus Depreciation Regulations Under Section 168(k)

On October 9, 2018, TEI submitted responsive comments and recommendations to the IRS Office of Associate Chief Counsel (Income Tax and Accounting) concerning the proposed regulations (REG-104397-18) under section 168 of the Internal Revenue Code, which were published in the Federal Register on August 8, 2018. The proposed regulations would provide guidance regarding the additional first-year depreciation deduction under section 168(k) and reflect changes made by Public Law 115-97, informally known as the Tax Cuts and Jobs Act. TEI's comments focused in depth on the acquisition requirements of the proposed regulations, which were of greatest mutual concern to TEI members.

TEI's comments were prepared jointly under the aegis of the Institute's Tax Reform Task Force and Federal Tax Committees, the respective chairs of which are Emily T. Whittenburg and John P. Orr Jr. Watson M. McLeish, Tax Counsel for the Institute, coordinated the preparation of TEI's comments.

Download the letter. (Updated 11/19/2018)