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Lacerte Diagnostics
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November 20, 2020

12426

  • November 20, 2020
  • 0 replies
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The following diagnostic is generating:

IL-4562 may not calculate a special depreciation subtraction for luxury automobiles where limitations apply. If bonus depreciation on a luxury auto exceeds the auto limit, no subtraction is allowed because no regular federal depreciation is allowed. In subsequent tax years, a subtraction will be allowed equal to the regular federal depreciation claimed on the auto even if that causes the total Illinois depreciation to exceed the auto limit.

 

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