Purchase of buildings and 50% special depreciation

[JenMO]

Client purchased a farm where new buildings had just been built. Will he be able to use the 50% special depreciation since they had not been put into service by the previous owner?

[TaxGuyBill]

I think you need to look REALLY closely at the exact details to figure that out.

It's not who 'placed it in service' first, but the qualification is that the "original use of which commences with the taxpayer". You would need to determine if the previous owner had ANY "use". If the building was built for intention of resale, that would probably not be "use".

[kathyc2]

Client purchased a farm where new buildings had just been built. Will he be able to use the 50% special depreciation since they had not been put into service by the previous owner?

That's an unusual situation. You would probably want to make sure you have very good documentation. Since you said buildings in the plural, remember that you can't pick and choose w/ bonus. All qualifying property in the same class life needs to use bonus if one does.