The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) corrected the recovery period of Qualified Improvement Property (QIP) to 15-year. This has tremendous implications and will play a large role in a modern comprehensive tax strategy. In this session we will examine the historical treatment of Qualified Property Categories and focus on the current status of QIP under the CARES Act. We will also explore other strategies that may be part of a comprehensive tax strategy and will discuss a strategic hierarchy for employing those strategies most successfully. Relevant Rev. Procs. and several real-life case studies will be reviewed.
Explain the history of Qualified Property Categories.
Explain the implications of the CARES Act’s correction of QIP recovery period.
Describe how to incorporate retroactive CARES Act changes into past returns.
Recognize the value of QIP as an indicator of Section 179-eligible property.