Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Calculation

GO Zone/168(k) (force)

Show all hidden content
The GO Zone/168(k) (force) type is the “type” an asset is considered in relation to bonus first-year depreciation rules. We've listed the possible types
.
, followed by the description that will print if you select the bonus type for printing. To print the bonus types, either add a column for the bonus type to a custom report or use the bonus type as sort criteria in the report's
Presentation
 tab.
For information on a specific type, select a link.
  • Located in GO Zone:
    When
    Located in GO Zone
     is selected in the
    GO Zone/168(k) (force)
     field, the asset is marked as being located in the Gulf Opportunity Zone and the application considers the asset to be Gulf Opportunity Zone property.
    To calculate bonus depreciation for the asset, the property must also have been placed in service between 8/28/05, and 12/31/07 and depreciate as follows:
    • Over 20 years or less using any MACRS method (except MACRS 150% ADS Life or MACRS SL).
    • Using Amortization with
      167 - Computer software
       selected in the
      Amortization section
       field in the asset's Other tab.
    note
    The
    Located in the GO Zone
     item isn't available from the
    GO Zone/168(k) (force)
     field if the client is marked as located in the GO Zone in the
    Setup
    ,
    Options
    ,
    Calculation
     tab.
  • GO Zone leasehold improvement:
    When
    GO Zone leasehold improvement
     is selected in the
    GO Zone/168(k) (force)
     field, the asset is considered to be GO Zone leasehold improvement property.
  • GO Zone nonresidential real and residential rental property:
    For an asset to be considered GO Zone nonresidential real & residential rental property for bonus depreciation, the following must be true.
    • The asset was placed in service between 8/28/05 and 12/31/11.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class hasn’t been elected out.
    • GO Zone nonres & res rental
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Non-GO Zone property:
    When
    Non-GO Zone property
     is selected in the
    GO Zone/168(k) (force)
     field, an asset is considered as not located in the GO Zone and doesn’t qualify for bonus depreciation.
    Make this selection if the client is marked as being located in the GO Zone in the
    Setup
    ,
    Options Calculation
     tab and the current asset is not located in the GO Zone.
  • GO Zone extension property:
    For an asset to be considered qualified GO Zone extension property for bonus depreciation and additional section 179 expense, the following must be true.
    • The asset was placed in service between 1/1/08 and 12/31/11 to qualify for bonus depreciation and placed in service between 1/1/08 and 12/31/08 to qualify for the additional section 179 expense.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life).
    • GO Zone extension property
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Force to qualify 50% & 179 (GO Zone):
    To force an asset that was placed in service between 8/28/05 and 12/31/08 to qualify for GO Zone bonus depreciation and calculate using 50% and also qualify for the additional section 179 amount, select
    Force to qualify 50% (168(k))
     from the
    GO Zone/168(k) (force)
     field in the asset's Other tab.
    note
    This code is for property that you want to qualify for GO Zone bonus depreciation and calculate at 50%, but a proper type isn't available.
  • Qualified cellulosic biofuel plant property (QCBPP):
    For an asset to be considered QCBPP for bonus depreciation, the following must be true.
    • The asset was placed in service between 12/21/06 and 12/31/12.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life).
    • Cellulosic biofuel plant prop (QCBPP)
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Reuse and recycling property:
    For an asset to be considered reuse and recycling for bonus depreciation, the following must be true.
    • The asset was bought and placed in service after 8/31/08.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class life hasn’t been elected out.
    • Reuse and recycling property
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • MACRS 20-yr or less recovery period (168(k)):
    Automatic calculation as qualified
    Any asset placed in service between 9/11/01 and 12/31/05 or 1/1/08 and 12/31/14 that is depreciating over 20 years or less using any MACRS method (except MACRS 150% ADS Life or MACRS SL) is
    automatically
     considered MACRS 20-yr or less recovery period property for section 168(k).
    Forced calculation as qualified
    To
    force
     an asset to be considered MACRS 20-yr or less recovery period property for section 168(k), the following must be true.
    • The asset was placed in service between 9/11/01 and 12/31/05 or 1/1/08 and 12/31/14.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life).
    • MACRS 20-yr or less recovery period (168(k))
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Improvement property (168(k))
    For an asset to be considered improvement property for section 168(k), the following must be true.
    • The asset was placed in service between 1/1/16 and 12/31/19.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class life hasn’t been elected out.
    • Improvement property (168(k))
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Leasehold improvement (168(k)):
    For an asset to be considered Leasehold improvement property for section 168(k), the following must be true.
    • The asset was placed in service between 9/11/01 and 12/31/15.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class life hasn’t been elected out.
    • Leasehold improvement (168(k))
       is selected in the
      GO Zone/168(k) (force)
       field on the asset's Other tab.
  • Computer software 167 (168(k)):
    Automatic calculation as qualified
    For an asset to be
    automatically
     considered Computer software (167) property for section 168(k), the following must be true.
    • The asset was placed in service between 9/11/01 and 12/31/05 or 1/01/08 and 12/31/15.
    • The asset is depreciating using Amortization.
    • 167 - Computer Software (168(k))
       is selected in the
      Amortization section
       field on the asset's Other tab.
    Forced calculation as qualified
    To
    force
     an asset to be considered Computer software (167) property for section 168(k), the following must be true.
    • The asset was placed in service between 9/11/01 and 12/31/15.
    • The asset is depreciating using any of the following methods.
      • MACRS (except MACRS SL ADS Life or MACRS 150% ADS Life)
      • Straight Line
      • Amortization
      • Custom method
    • Computer software 167 (168(k))
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Water utility property (168(k)):
    For an asset to be considered Water utility property for section 168(k), the following must be true.
    • The asset was placed in service between 9/11/01 and 12/31/15.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class hasn’t been elected out.
    • Water utility property (168(k))
       is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • New York Liberty Zone nonresidential real and residential rental property:
    For an asset to be considered New York Liberty Zone nonresidential real & residential rental property for section 168(k), the following must be true.
    • The asset was placed in service between 9/11/01 and 12/31/09.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class hasn’t been elected out.
    • NYLZ nonres & res rental
       is selected in the
      GO Zone/168(k) (force)
       field on the asset's Other tab.
  • New York Liberty Zone leasehold improvement:
    When
    NYLZ leasehold improvement
     is selected in the
    GO Zone/168(k) (force)
     field, an asset is considered to be New York Liberty Zone leasehold improvement property.
    This type of property does
    not
     qualify for the section 168(k) 30% bonus depreciation.
  • Property not qualified (GO Zone/168(k)/168(n))
  • Force to qualify - 30% (JGTRRA):
    To force an asset that was placed in service between 9/11/01 and 12/31/28 to qualify for section 168(k) and calculate using 30%, select
    Force to qualify - 30% (JGTRRA)
     from the
    GO Zone/168(k) (force)
     field in the asset's Other tab.
    note
    This code is for the property that you want to qualify for section 168(k) and calculate using 30%, but a proper type isn't available.
  • Force to qualify - 40% (168(k)):
    To force an asset that was placed in service between 1/1/18 and 12/31/28 to qualify for section 168(k) and calculate using 40%, select
    Force to qualify - 40% (168(k))
     from the
    GO Zone/168(k) (force)
     field in the asset's Other tab.
    note
    This code is for the property that you want to qualify for section 168(k) and calculate using 40%, but a proper type isn't available.
  • Force to qualify - 50% (168(k))
    :
    To force an asset that was placed in service between 5/6/03 and 12/31/28 to qualify for section 168(k) and calculate using 50%, select
    Force to qualify - 50% (168(k))
     from the
    GO Zone/168(k) (force)
     field on the asset's Other tab.
    note
    This code is for the property that you want to qualify for section 168(k) and calculate at 50%, but a proper type isn't available.
  • Force to qualify - 100% (168(k)):
    To force an asset that was placed in service between 9/9/10 and 12/31/28 to qualify for section 168(k) and calculate using 100%, select
    Force to qualify - 100% (168(k))
     from the
    GO Zone/168(k) (force)
     field on the asset's Other tab.
    note
    This code is for the property that you want to qualify for section 168(k) and calculate at 100%, but a proper type isn't available.
  • Located in Disaster Area:
    When
    Located in Disaster
     is selected in the
    GO Zone/168(k) (force)
     field, the asset is marked as being located in a federally declared disaster area and the application considers the asset to be qualified disaster assistance property.
    To calculate bonus depreciation for the asset, the property must also have been placed in service after 12/31/07 and occurring before 1/1/10 and depreciate as follows:
    • Over 20 years or less using any MACRS method (except MACRS 150% ADS Life or MACRS SL).
    • Using Amortization with
      167 - Computer software
       selected in the
      Amortization section
       field in the asset's Other tab.
    note
    The
    Located in Disaster Area
     item isn't available from the
    GO Zone/168(k) (force)
     field if the client is marked as located in a Disaster Area in the
    Setup
    ,
    Options
    ,
    Calculation
     tab.
  • Disaster Area leasehold improvement
    When
    Disaster Area leasehold improvement
     is selected in the
    GO Zone/168(k) (force)
     field, the asset is considered to be Disaster Area leasehold improvement property.
  • Disaster Area nonresidential & residential realty property:
    For an asset to be considered Disaster Area nonresidential real & residential rental property for bonus depreciation, the following must be true.
    • The asset was placed in service after 12/31/07 for disasters declared after 12/31/07 and occurring before 1/1/10.
    • The asset is depreciating using any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long as the class hasn’t been elected out.
    • Disaster Area nonres & res rental is selected in the
      GO Zone/168(k) (force)
       field in the asset's Other tab.
  • Non-Disaster Area property:
    When
    Non-Disaster Area property
     is selected in the
    GO Zone/168(k) (force)
     field, an asset is considered as not located in a Disaster Area and doesn’t qualify for bonus depreciation.
    Make this selection if the client is marked as being located in a Disaster Area in the
    Setup
    ,
    Options
    ,
    Calculation
     tab and the current asset in not located in a Disaster Area.
  • Force to qualify 50% & 179 (Disaster Area):
    To force an asset that was placed in service after 12/31/07 for disasters declared after 12/31/07 and occurring before 1/1/10 to qualify for Disaster Area bonus and calculate using 50% and also qualify for the additional Section 179 amount, select
    Force to qualify 50% &179 (Disaster Area)
     from the
    GO Zone/168(k) (force)
     field on the asset's Other tab.
    note
    This code is for the property that you want to qualify for Disaster Area bonus depreciation and calculate at 50%, but a proper type isn't available.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close