Sec. 2023. SPECIAL RULE FOR LONG-TERM CONTRACT ACCOUNTING

200 words·~1 min read·/statute-compilations/comps-9466/sec-2023

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## SEC. 2023 SPECIAL RULE FOR LONG-TERM CONTRACT ACCOUNTING ###

(a)In General Section 460(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: > > #### “(6) Special rule for allocation of bonus depreciation with respect to certain property > > > ##### “(A) In general > > Solely for purposes of determining the percentage of completion under subsection (b)(1)(A), the cost of qualified property shall be taken into account as a cost allocated to the contract as if subsection

(k)of section 168 had not been enacted. > > > ##### “(B) Qualified property > > For purposes of this paragraph, the term ‘qualified property’ means property described in section 168(k)(2) which— > > > ###### “(i) > > has a recovery period of 7 years or less, and > > > ###### “(ii) > > is placed in service after December 31, 2009, and before January 1, 2011 (January 1, 2012, in the case of property described in section 168(k)(2)(B)).” > . ###

(b)Effective Date The amendment made by this section shall apply to property placed in service after December 31, 2009. ### PART III PROMOTING ENTREPRENEURSHIP