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Publication: Mississippi Business Journal
Publication Date: 28-AUG-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Q: Are owners of rental real estate in the GO Zone eligible for the 50% bonus depreciation?

A: The Internal Revenue Service has recently issued much anticipated guidance on claiming the 50% bonus depreciation provided in the Gulf Opportunity Zone Act (the "Act"). In Notice 2006-67, dated August 4, 2006, the IRS addresses when "substantially all" of the use of property is within the Gulf Opportunity Zone (the "GO Zone"), when such property is used in the "active conduct of a trade or business," and how claimed bonus depreciation must be recaptured.

Under the Act, taxpayers may claim a first-year depreciation deduction equal to 50% of the cost of certain property placed in service in the the GO...

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