Sentences with phrase «acquired by the taxpayer»

Budget 2015 proposes new capital cost allowance Class 53 to provide an accelerated CCA rate of 50 percent on a declining - balance basis for machinery and equipment acquired by a taxpayer after 2015 and before 2026 primarily for use in Canada for the manufacturing and processing of goods for sale or lease.

This deduction applies to both new and used assets acquired by the taxpayer.

Transition rules permit a personal property exchange to be completed in 2018 if either the relinquished property was sold or the replacement property was acquired by the taxpayer during 2017.

Not exact matches

A common but often misunderstood principle among those familiar with tax deferred exchanges under Internal Revenue Code Section 1031 is the notion that the vesting of the replacement property acquired in the exchange must match the vesting of the property sold by the taxpayer.

The legislation does not reference the acquisition of replacement property by an EAT; the law specifies that the taxpayer must have acquired the replacement property to be eligible for the transition rule.

In PLR 200807005, the IRS explicitly approved an arrangement where the taxpayer proposed to acquire replacement property in a like - kind exchange by acquiring 100 % of the interest in a limited partnership that owned the replacement property.