The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) corrected the recovery period of Qualified Improvement Property (QIP) to 15 years.  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.

Learning Objectives:

• Recall the history of Qualified Property Categories.


• Explain the implications of the current status of QIP under the Tax Cuts and Jobs Act (TCJA).


• Recognize legislative efforts in place to encourage correction of QIP status.


• Determine the value of QIP as an indicator of Section 179-eligible property.


• Explain how strategies like Section 179 Expensing, Bonus depreciation, and the Tangible Property Regulations (TPRs) may be used even without Bonus-eligible QIP.


• Compare and contrast Bonus and Section 179.


• Use various tax strategies in a strategic manner to maximize savings.


• Identify the recent updates to the TCJA WBC and bonus rules.