Comments for Depreciation Guru

Comment on Form 4626 AMT: How and When to fill out the Alternative Minimum Tax form by Morgan

Morgan — Wed, 29 Jun 2011 17:24:34 +0000

What if you qualify for the “Small corporation” exempt from the AMT, however, in 1 year you have a preference item? Do you then have to file the AMT that year even though you are still an exempt “small corporation”?? The way the instructions read make it seem like you still have to file even if you only have 1 preference item in that year.

Comment on Questions by Jan Lekich

Jan Lekich — Mon, 27 Jun 2011 19:21:19 +0000

IAS 16 says critical spare parts should be capitalized as property, plant, and equipment. We have to have very expensive spare parts on hand that require a year lead time to get to our facility. Do they get depreciated even though they are not in use?

Comment on What is Depreciation? by Shivakumar C G

Shivakumar C G — Mon, 30 May 2011 08:26:20 +0000

Hi Sir,

Revenu Reg,
1) Assets Sold Date or Invoice Billed
2) Amount received Date,

Which one we need to take for revenue perpose

Regards,
Shivakumar

Comment on Questions by Shivakumar C G

Shivakumar C G — Mon, 30 May 2011 08:20:55 +0000

Dear Sir,
How to Caluculate In IFRS Deprecation & Diffreance B/w IAS & IFRS

Please provide above Comments

Thanking you,
Shivakumar

Comment on Questions by Bernardete

Bernardete — Thu, 14 Apr 2011 22:16:19 +0000

Can I use 15year S/L depreciation for a HAVC unit on the buiding I lease? The building is older than 3 years. Thanks for your help.

Comment on New Rules of Depreciation for Qualified Retail Property by Louis Shlensky

Louis Shlensky — Wed, 30 Mar 2011 20:24:01 +0000

For qualified restaurant property, does the “at least 50%” requirement refer to an entire building (eg an entire strip mall) or just the taxpayer/tenant’s space in question?

Comment on IFRS & Fixed Asset Depreciation: An Overview of the Requirements by Muqaddis

Muqaddis — Mon, 14 Mar 2011 09:03:18 +0000

I would like to know whether the existing depreciation rates for the fixed asset could be changed and if possible do I need to change all the fixed assets or only selected assets only.

Comment on Questions by Robert McKemy

Robert McKemy — Thu, 03 Mar 2011 22:54:12 +0000

Sold a rental house dec.2008 on a land contract. Repossed the house in august 2010. I got pub. 537 from irs and figured my new basis and the gain . The instructions do not tell you where on form 4797 you report the repossession, and the gain.

Comment on Questions by Yasir Masood

Yasir Masood — Wed, 09 Feb 2011 07:36:34 +0000

I want to confirm wether it is mandatry to maintain seprate accumulated depreciation account/ledger or we can post depreciation entries on main asset cost account.

Thank You

Yasir Masood
Accounts Officer

Comment on Establishing the Correct Cost Basis When Calculating Depreciation by naveed

naveed — Mon, 31 Jan 2011 07:34:15 +0000

We have bought a machine in 2008 January. We failed to compute depreciation for the last 3 years (by mistake). Useful life of the asset is 20 yrs. Can we calculate depreciation by reducing the useful life to 17 years from jan 2011 and spreading the effect of depreciation for the balance 17 years or do we have to take the full impact of the 3 years depreciation in 2011. Kindly clarify. Thanks.