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I have a prospect trying to figure out how to handle this depreciation.
He states that that the depreciation methods don't meet the criteria.
Anyone familiar with this?
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Indian Reservation Property
The recovery periods for qualified property you placed in service on an Indian reservation after 1993 and before 2017 are shorter than those listed earlier. The following table shows these shorter recovery periods.
Property Class Recovery
Period
3-year property 2 years
5-year property 3 years
7-year property 4 years
10-year property 6 years
15-year property 9 years
20-year property 12 years
Nonresidential real property 22 years
Nonresidential real property is defined earlier under Which Property Class Applies Under GDS .
Use this chart to find the correct percentage table to use for qualified Indian reservation property.
IF your recovery period is: THEN use the following table in Appendix A:
2 years A-21
3 years A-1, A-2, A-3, A-4, or A-5
4 years A-22
6 years A-23
9 years A-14, A-15, A-16, A-17, or A-18
12 years A-14, A-15, A-16, A-17, or A-18
22 years A-24
I'm not familiar with Indian depreciation, but I know you cannot develop your own depreciation in the fixed assets module if it doesn't exist. The only times I've run into it is when renting videos and such were hot. We used the income forecast method and that couldn't be accomplished using the methods available in FA. Will you be using the methods described by RouceTU? Or are you needing something different. How are you wanting to depreciate your asset?
Kind regards,
Leslie
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