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MACRS 150% and Farm method tax assumptions
The MACRS 150% and Farm method is used for both MACRS 150% calculation and for Farm assets that use the MACRS 150% method because of the following:
- For MACRS personal property assets acquired before 1/1/99, the application automatically calculates AMT using the MACRS 150% ADS Life method.
- For MACRS real property assets acquired before 1/1/99, the application automatically calculates AMT using the MACRS SL ADS Life method.
- In compliance with the Taxpayer Relief Act of 1997, the application uses 150% over GDS lives to calculate the AMT for MACRS assets acquired after 12/31/98, instead of using ADS lives. The AMT calculation for these assets uses the MACRS 150% & Farm method, which calculates 150% over the GDS life of the asset, instead of the ADS life.