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.
The way to face these risks is to build security with an emergency fund. Ramsey recommended saving an emergency fund in two different stages of his 7 Baby Steps. First is to get a buffer saved of $1,000, which can help cover the everyday unexpected expenses that come with life.