The IRS reversed a long-standing ruling denying Section 179 deductions for the cost of planting vineyards and orchards. (IRS Office of Chief Counsel Memorandum No. 201234024) Some costs, with certain restrictions, are now eligible for Section 179 expensing.
Note: For tax years beginning in 2012, the Section 179 deduction maxes out at $139,000 and is reduced for taxpayers that put more than $560,000 of qualified assets into service.
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