lemarc723 wrote:Moose - ok, well I've never heard of that for business- but to clear, I probably will edit my post as I was just trying to be helpful and not debate your points. If what I posted contradicts then let's edit it out so my post doesn't give out "bad info". I am concerned when I hear you can self select useful life. I would be concerned about an auditor not buying it and then having to defend yourself perhaps all the way up to tax court. Of course, lots of businesses would love to make their equipment 2 or 3 years instead of 5 or 7! MACRS are rules as you know.
I don't dispute what you say you were told - but can you get any documentation or tax ruling on "self selected useful life"? I have a colleague who is a CPA and deals with tax - I'll send the question out to him as well. Again, not debating your point, just looking for something I could use to support it.
I think you gave very good information.
On the depreciation table issue.... its very fact specific. Mining equipment has a very short life. For example, those who purchased a D3 might see them become obsolete in less than a year given the market. Naturally, that is not true for the S9.