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IRC Section 179 Expensing Limitations - Tax Year 2012
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For tax year 2012, the maximum allowable expensing for certain "qualifying business property" under Internal Revenue Code (IRC) Section 179 is $139,000. A phase-out begins when IRC Section 179 property exceeds $560,000.
Definition of an Sport Utility Vehicle (SUV) An SUV is defined as a four-wheeled vehicle with a gross vehicle weight rating (GVWR) of more than 6,000 pounds but not more than 14,000 pounds. Consequently, in addition to SUVs, an SUV may include heavy pickup trucks, vans, and small buses. However, the term “SUV” does NOT include any of the following vehicles:
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Click here to return to "What's NEW for Tax Year 2012?" |
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