Discussion:California "Sec 179" Property
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Discussion Forum Index --> Tax Questions --> California "Sec 179" Property
Johnthecpa (talk|edits) said: | 21 March 2006 |
| My client has received 4 K-1's from California partnerships. Total of the Section 179 flowing through from the California K-1's is approximately $40,000. It looks like my client loses forever $15,000 of this deduction. Can the partnerships amend their Section 179 election prior to April 15, 2006 without permission from the Franchise Tax Board. I have been told that the partnership returns have already been filed, and presumably a modification or revocation requires approval.....However, I am hoping that if it is "revoked" prior to the original due date, no approval is required. Anyone have any experience or thoughts here?
Thank you. | |
| 21 March 2006 | |
| The unused portion of the Section 179 deduction carries over to subsequent tax year(s). Since California does not conform to the
JGTRRA '03, taxpayer must make the Section 179 on an original return and may not revoke it without consent of the FTB. California allows separate Sect. 179 elections. Taxpayer may elect to use Sect. 179 for federal purposes and not California, or vice versa. This election is revocable only with FTB consent. | |
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