Depreciation Recapture Applies When GO Zone Property is Exchanged for Non-GO Zone Property
Janna Shearman
May 28, 2008
In general, GO Zone property is property substantially all of the use of which is in the active conduct of a trade or business in the GO Zone. The GO Zone, or Gulf Opportunity Zone, is certain counties and parishes in Alabama, Louisiana, and Mississippi that were affected by Hurricanes Katrina, Rita, and Wilma in 2005. In order to encourage development in the GO Zone, the Gulf Opportunity Zone Act of 2005 provides for 50% additional first year depreciation for GO Zone property first placed in service by taxpayers on or after August 28, 2005.
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