Increased depreciation that can be deducted during the first year of a capital expenditure. This allows businesses to more rapidly deduct capital expenditures of most new tangible personal property and certain other new property.
Personal property, also known as personalty, refers to movable items that are not attached to real estate and can include goods used in trade or business. Gains on the sale of personal property may be taxed favorably under Section 1231 of the Internal Revenue Code.
