Death comes to us all. Life's but a walking shadow | It was reported in the local paper that Senator Schumer (NY) just made a trip upstate, stood alongside the three local equipment dealers and announced he was submiting a bill decrease the depreciation time from 7 to 5 years. There wern't any other details. One of the dealers explained that the purpose was to make the depreciation schedule more in line with the very large farmers current practice of replacing very expensive equipment at more frequent intervals. Sounded like a boondoggle bill to me. How often do you really need to replace a combine?
As per getting into trouble with section 179 due to lower farm incomes. How's that work? You've taken the depreciation when your farm income was high, now you don't have the income so you don't need the depreciation. Or am I missing something? |
Any word on sec 179?
