Recapture reconsidered

The Taxpayer Relief Act of 1997 brought good news about capital gain taxes. The bad news though is that depreciation recapture becomes ever more an issue. Although there have been no favorable capital gain rates for "C" corporations since 1986, the Act lowered maximum capital gain rates fo...

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Bibliographic Details
Published in:The Ohio CPA journal 1998-10, Vol.57 (4), p.39
Main Authors: Bensinger, Dennis, Antenucci, Joseph
Format: Article
Language:English
Subjects:
Capital assets
Capital gains
Capital losses
Depreciation
Internal Revenue Code
Personal property
Recapture rules
Revenue Acts
Section 1231
Section 1245
Section 1250
Tax deductions
Tax rates
Tax reform
Taxpayers
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Summary:The Taxpayer Relief Act of 1997 brought good news about capital gain taxes. The bad news though is that depreciation recapture becomes ever more an issue. Although there have been no favorable capital gain rates for "C" corporations since 1986, the Act lowered maximum capital gain rates for individuals and flow through relief to taxpayers in the 15% and 28% brackets, lowering their top capital gains rate to 10% and 20%, respectively. With tax benefits now favoring gains, CPAs need to be updated regarding the rain that can ruin the capital gains parade - depreciation recapture.
ISSN:0749-8284