 Note, for certain qualified property acquired after September 27, 2017 and placed in service after December 31, 2022 and before January 1, 2024, other than certain property with a long production period and certain aircraft, you can elect to take an 80% special depreciation allowance. Alright, so now we're looking at the long production period property. To be qualified property, long production period property must meet the following requirements. The property has a recovery period of at least 10 years or is transportation, transportation chaos property. Transportation property is tangible, you can touch it, personal property used in the trade or business of transporting persons or property. The property is subject to section 263A of the Internal Revenue Code. The property has an estimated production period exceeding one year and an estimated production cost exceeding $1 million. You must have acquired the property or acquired the property pursuant to a written contract entered into before January 1, 2027. Okay, so now we've got the non-commercial aircraft. I'm going to go through this one of these fairly fast because some of these are kind of special type of areas that you might not have like non-commercial aircraft. It's going to be specific to specific areas. So to be qualified property, non-commercial aircraft must meet the following requirements. The aircraft must not be tangible personal property used in the trade or business of transporting persons or property except for agricultural or firefighting purposes. The aircraft must be purchased as discussed under property acquired by purchase in Chapter 2 by a purchaser who at the time of the contract for purchase makes a non-refundable deposit of the lesser of 10% of the cost or $100,000. The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. You must have acquired the aircraft or acquired the aircraft pursuant to a written contract entered into before January 1, 2027. Special rules syndicated leasing transactions. Again, I'm going to go through this fairly quickly because this is a special type of situation. If qualified property is originally placed in service by a lessor, the property is sold within three months of the date it was placed in service and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within three months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. Okay, accepted property qualified property acquired after September 27, 2017 does not include any of the following. So these are going to be the specific exceptions to the rule. So property placed in service or planted or grafted and disposed of in the same tax year. So if you did it in the same tax year, you would think it wouldn't be a long term property wouldn't be normally a depreciable type of item. So that would be exempted property converted from business use to personal use in the same tax year acquired. You have a similar situation here. It's not really long term property if it was business property, but then you converted it to personal use because you would only get the deduction you would think if it was business related, not personal related property converted from personal use to business use in the same or later tax year may be qualified property property required to be depreciated under the alternative depreciation system because that's the ADS system. We'll talk about the ADS versus the maker system in future presentations. But currently you would think that most of the depreciable property would be under the makers system, not the ADS of the ADS would be an indication that it might not qualify then for this either. So this includes listed property use 50% less in a qualified business use for other property required to be depreciated using ADS. You can see required use of ADS under which depreciation system ADS or I'm sorry GDS or ADS applies in chapter four property for which you elected not to claim any special depreciation allowance. So you could just elect out of the special depreciation. Why would you do that possibly because you don't want to take the depreciation in the current year because maybe the current year doesn't have as much income as you think later years will have and you would rather get the deduction in later years breaking from the normal rule of I would like to get the deduction as high and as soon as possible due to the time value of money. Property described in section 168 K9A and placed in service in any tax year beginning after December 31st 2017. Property described in section 168 K9B and placed in service in any tax year beginning after December 31st 2017. Certain plants bearing fruits and nuts. You can elect to claim a 100% special depreciation allowance for the adjusted basis of certain special plants defined later bearing fruits and nuts planted or grafted after September 27 2017 and before January 1st 2023 a specified plant is any tree or vine that bears fruits or nuts and any other plant that will have more than one yield of fruits or nuts and generally has a pre productive period of more than two years from planting or grafting to the time it begins bearing fruits or nuts. So any property planted or grafted outside the United States does not qualify as a specified plant. If you elect to claim the special depreciation allowance for any specified plant the special depreciation allowance applies only for the tax year in which the plant is planted or grafted. The plants will not be treated as qualified property eligible for the special depreciation allowance and the subsequent tax year in which it is planted in service. So to make the election attach a statement to your timely filed return including extensions for the tax year in which you plant or graft the specified plants indicating you are electing to apply section 168k5 and identifying the specified plants for which you are making the election the election once made cannot be revoked without IRS consent. So again that to me is more of a specialty type of situation I haven't dealt with taxpayers as much with with that situation with the planting but it might be applicable to a lot of people. In any case note for certain specified plants bearing fruits and nuts planted or grafted after December 31st 2022 and before January 1st 2024 you can elect to claim an 80% special depreciation allowance C-section 168k5 of the Internal Revenue Code for more detail.