MLchartDataset catalogue

Recapture

Term · Law · MLC-T-LAW-005431

A tax provision requiring a taxpayer to add an amount back to their income that was previously deducted or credited. This occurs when an asset, for which depreciation deductions were claimed, is sold at a gain, and the portion of the gain attributable to the depreciation is reclassified from a capital gain to ordinary income. Section 1245 of the Internal Revenue Code governs the recapture of depreciation on most types of personal property.

Table 1. Record
IdentifierMLC-T-LAW-005431
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-005431",
  "term": "Recapture",
  "field": "Law",
  "definition": "A tax provision requiring a taxpayer to add an amount back to their income that was previously deducted or credited. This occurs when an asset, for which depreciation deductions were claimed, is sold at a gain, and the portion of the gain attributable to the depreciation is reclassified from a capital gain to ordinary income. Section 1245 of the Internal Revenue Code governs the recapture of depreciation on most types of personal property.",
  "url": "https://mlchart.com/terminology/law/recapture/"
}

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