Increased depreciation that can be deducted during the first year of a capital expenditure. This allows businesses to more rapidly deduct capital expenditures of most new tangible personal property and certain other new property.
Personal property, also known as personalty, refers to movable items that are not attached to real estate and can include goods used in trade or business. Gains on the sale of personal property may be taxed favorably under Section 1231 of the Internal Revenue Code.
A section of the Internal Revenue Code of 1986 (IRC) that allows the cost of capital improvements for qualifying personal property to be deducted in the year of acquisition rather than being recovered over time through depreciation.
