Discussion:Assets purchased from China

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Discussion Forum Index --> Tax Questions --> Assets purchased from China

SHS (talk|edits) said:

16 November 2005
What would the depreciable life of a water vessel purchased from China be, 10yrs under MACRS or 18yrs under ADS and could you sight were your answer came from.

PGattoCPA (talk|edits) said:

17 November 2005
It doesn't matter from where the vessel was purchased; it matters where it will be utilized in a trade or business. Please repost your question to clarify.

SHS (talk|edits) said:

17 November 2005
If you read the deprecaition guidelines they specifically mention when ADS must be used. "Imported property covered by an executive order of the President of the United States." Further the Master Tax Guide states Under 1247, "ADS must be used for (4)property imported from a foreign country for which an Executive order is in effect because the country maintains trade restrictions or engages in other discriminatory acts, and..." My question would be does China fall under any of these executive orders and how can I by sure?

PGattoCPA (talk|edits) said:

18 November 2005
Thank you for the clarification of what your concerns were about your particular situation.

The US Governmet Printing Office (GPO) maintains the home page of The Federal Register at http://www.gpoaccess.gov/fr/

Published by the Office of the Federal Register, National Archives and Records Administration (NARA), the Federal Register is the official daily publication for rules, proposed rules, and notices of Federal agencies and organizations, as well as executive orders and other presidential documents.

Therefore, you can do a search there to see if an executive order is in effect regarding the importation of vessels made in China. Also, you can contact them for further information Monday through Friday from 7:00 a.m. to 9:00 p.m. Phone: 1-866-512-1800 / 202-512-1800 (DC Area) / Fax: 202-512-2104 / E-mail: ContactCenter@gpo.gov

Again, though, my first comment stands in the sense that if there is no EO, you will still need to determine where the vessel will be placed in service. International waters are only 3 miles off of the US coast in most cases.

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