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A credit shelter trust owns 25% of a farm. Form 1041 instructions say a trust "is not allowed to make an election under section 179 to expense depreciable business assets." But if the election was made before the trust owned any of the farm, can the trust's share of excess Section 179 depreciation carried over from previous years be used on the trust's Schedule F?


The BIDaWIZ Team's Answer:

Unfortunately, Internal Revenue Section 179(d)(4) is clear in that a trust or estate cannot claim this type of expense. Even though this is a Section 179 carryover prior to being a trust, the character of the expense is still not qualified for a trust.

The BIDaWIZ Team



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