2022 Standard Federal Tax Reporter (CCH) Committee Report on P.L. 98-369 (Deficit Reduction Act of 1984), Congress (United States)

Summary

• Committee Report: Standard Federal Tax Reporter (2022), Committee Report on P.L. 98-369 (Deficit Reduction Act of 1984)

  .06 Costs and other losses incurred in connection with the demolition of buildings generally may be claimed as a current deduction unless the building and the property on which it is located are purchased with an intent to demolish the building. If so purchased, costs and other losses are added to the basis of the land.

  Before 1984, costs and other losses incurred in connection with the demolition of certified historic structures were required to be added to the basis of the land on which the structure was located in all cases. A certified historic structure is a building that is certified by the Secretary of the Interior as having historic significance and that meets certain other requirements.

  The Senate amendment provides a general rule under which costs and other losses incurred in connection with the demolition of all buildings, including certified historic ...