General Asset Account Depreciation

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1992-09-25
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The IRS has issued proposed regulations which simplify the computation of depreciation by allowing taxpayers to group assets in one or more general asset accounts with the assets in any particular asset account depreciated as a single asset. The regulations apply to assets placed in service in taxable years ending on or after the date of publication of the final regulation. For prior taxable years, the IRS indicated that it will allow use of any reasonable method that clearly reflects income and is consistently applied to the general asset accounts.

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