be claimed in one year. This is a fairly recent development established in Rev. Proc 2001 19. Depreciation adjustments used to be divided evenly over 4 years. Under reported depreciation is reported in the current year ("Year of Change") using form 3115 (change of accounting method form). The cost segregation reports indicate Sam understated depreciation in prior years by $885,000. This additional depreciation reduces Sam TMs ordinary income taxes and increases his capital gains taxes. Ordinary income taxes are reduced by $309,750 ($885,000 times 35%). Capital gains taxes are increased by $132,750 ($885,000 times 15%). Net tax savings are $177,000 ($309,750 less $132,750). Is this Legal? Absolutely, since Sam voluntarily made a loan to the government of $177,000. Sam loaned Uncle Sam the money by overstating his net income, because he was understating his real estate depreciation. Sam certainly would have never intentionally lent the US government money for 8 years at 0%. The only thing worse than making

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