The month of December often brings with it a spate of questions about when an asset is placed in service (that is, eligible for tax benefits). As bonus depreciation expired for most assets placed in service after 2013, the issue was particularly pervasive last December. Conveniently, the Tax Court published an opinion the same month that cautions taxpayers against being too innovative in their interpretation of this term of art.
Salesman Penalized for ‘Placed in Service' Interpretation
February 17, 2014