FrEwing Posted October 7, 2011 Share Posted October 7, 2011 My son the accountant asked me what the useful life of stainless steel tanks he should use in doing our business plan. Is there a standard for these that folks use in their accounting and what the IRS allows? Link to comment Share on other sites More sharing options...
Jonathan Forester Posted October 7, 2011 Share Posted October 7, 2011 Forever? I seen stainless tanks that had decades of use in the dairy industry, then re-purposed into several decades of brewing, then re-purposed again for distilleries. I know that doesn't answer your question about accounting and IRS. Link to comment Share on other sites More sharing options...
Jedd Haas Posted October 7, 2011 Share Posted October 7, 2011 If your son is an accountant, he can probably find ways to either expense them (section 179) or to depreciate them over any number of years by using different criteria. My outlook would be to try and either expense them or depreciate them on the shortest schedule possible. Link to comment Share on other sites More sharing options...
FrEwing Posted October 8, 2011 Author Share Posted October 8, 2011 Thanks guys, The IRS is not clear on the useful life of SS Tanks for depreciation etc. I thought some one in the Forum might have had some experience with this. Jedd - Good luck with your startup. The accountant is in NOLA. Next time I'm visiting - I'll stop by. Link to comment Share on other sites More sharing options...
Curtis McMillan Posted October 9, 2011 Share Posted October 9, 2011 SS should last longer then us, unless you drive the fork lift like a jerk. Link to comment Share on other sites More sharing options...
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