“The first part of this document provides an overview of economic depreciation and of tax and financial accounting rules for cost recovery, along with an explanation of cost recovery methods. The second part of this document describes the present Federal income tax rules applicable to businesses with respect to capital cost recovery including depreciation, amortization of intangibles, expensing provisions, and recapture provisions upon sale of capital assets, as well as the present-law treatment of income from domestic production activities. A chart of statutory recovery periods under the current depreciation rules is provided. The third part of this document provides data and economic analysis relating to capital cost recovery as well as a survey of economic literature analyzing the economic effect of the Federal income tax incentives for capital investment and manufacturing.”
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