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Article Title

When Are Assets "Used"?

Abstract

The Job Creation and Worker Assistance Act of 2002, among other provisions, created a new 30 percent extra depreciation amount for regular tax and alternative minimum tax purposes. Among the requirements is the specification that for property to be eligible “the original use” must commence with the taxpayer after September 10, 2001. The statute does not contain a definition of “original use” and no guidance has been provided to date by the Internal Revenue Service. However, a distinction was drawn earlier for investment tax credit purposes (because of the limit on the amount of used property eligible for investment tax credit) and for purposes of determining eligibility for accelerated depreciation.

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