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Retroactive rules might mean you need an amended return.

Publication: Mississippi Business Journal
Publication Date: 27-MAY-02 		Format: Online - approximately 1000 words
Delivery: Immediate Online Access

Article Excerpt
RIDGELAND -- Congress recently amended the income tax law to provide tax incentives to promote economic recovery. Since some of the rules are retroactive to last September, some, perhaps most, of the business tax returns already filed for 2001 need amending.

The Mississippi Business Journal recently talked with Dan Holliday, CPA, a partner in the Ridgeland office of Carr, Riggs & Ingram, LLP, about these changes and what it means for Mississippi businesses.

Mississippi Business Journal: The recent tax law changes allow a special bonus depreciation for new equipment purchased last year. Could you help us understand those new provisions? When are they effective and what type of equipment qualifies?

Dan Holliday: Simply put, taxpayers are entitled to an additional first-year depreciation equal to 30% of the cost (adjusted basis) of certain qualified property. The qualified property eligible for this special treatment includes:

* Property with a recovery period...

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