In this case the taxpayer, a doctorsâ office, displayed various pieces of art in its offices, claimed depreciation on said artwork, which the IRS disallowed. At trial the IRS argued that the works of art did not have a useful life, based on Revenue Ruling 68-232.
A reduction in HAPU incidence by just 1 percentage point (3.5% to 2.5%) results in potential savings of $1,305,000 per year. Calculate your own potential savings below.
A study conducted by MPACT for a fruit farm in the Grabouw-Elgin area, in the Western Cape, indicated total cost savings of R138.69 a bin each year when switching from traditional wooden bins to Mpact's Jumbo Bins, with a payback period of three years was achieved.