280F Sample Clauses

Section 280F is a provision in the U.S. Internal Revenue Code that limits the amount of depreciation taxpayers can claim on certain luxury automobiles and other listed property used for business purposes. In practice, this clause sets annual caps on the depreciation deductions for vehicles above a specified value, and it also imposes strict substantiation requirements for business use. The core function of Section 280F is to prevent excessive tax benefits from being claimed on high-value personal assets, ensuring that only legitimate business expenses are deducted and reducing opportunities for tax abuse.
280F. 3T Limitations on recovery deductions and the investment tax credit when the business use per- centage of listed property is not greater than 50 percent (tem- porary). (a) In general. Section 280F(b), gen- erally, imposes limitations with re- spect to the amount allowable as an in- vestment tax credit under section 46(a) and the amount allowable as a recov- ery deduction under section 168 in the case of listed property (as defined in § 1.280F–6(b)) if certain business use of the property (referred to as ‘‘qualified business use’’) does not exceed 50 per- cent during a taxable year. Qualified business use generally means use in a trade or business, rather than use in an investment or other activity conducted for the production of income within the meaning of section 212. See § 1.280F–6(d) for the distinction between ‘‘business/ investment use’’ and ‘‘qualified busi- ness use.’’ (b) Limitation on the amount of invest- (1) Denial of investment tax credit hen business use percentage not greater than 50 percent. Listed prop- erty is not treated as section 38 prop- erty to any extent unless the business use percentage (as defined in section 280F(d)(6) and § 1.280F–6(d)(1)) is greater than 50 percent. For example, if a tax- payer uses listed property in a trade or business in the taxable year in which it is placed in service, but the business use percentage is not greater than 50 percent, no investment tax credit is al- lowed for that listed property. If, in the taxable year in which listed property is placed in service, the only business/in- vestment use (as defined in § 1.280F– 6(d)(3)) of that property is qualified business use (as defined in § 1.280F– 6(d)(2)(i)), and the business use percent- age is 55 percent, the investment tax credit is allowed for the 55 percent of the listed property that is treated as section 38 property. The credit allowed is unaffected by any increase in the business use percentage in a subse- quent taxable year.
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280F. 7(a) applies to passenger automobiles leased after December 31, 1986, in tax- able years ending after that date. [T.D. 7986, 49 FR 42704, Oct. 24, 1984; as amended by T.D. 8061, 50 FR 46038, Nov. 6, 1985; T.D. 8218, 53 FR 29881, Aug. 9, 1988; T.D. 8473, 58 FR 19060, Apr. 12, 1993; T.D. 9133, 69 FR 35514, June 25, 2004]
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280F. 5T(e) generally ap- plies to passenger automobiles leased after April 2, 1985, in taxable years end- ing after that date. Section 1. 280F– 5T(e) does not apply to any passenger automobile that is leased pursuant to a binding contract, which is entered into no later than April 2, 1985, and which is in effect at all times thereafter, but only if the automobile is used under the lease before August 1, 1985. If
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280F. 5T(e) does not apply to a pas- ▇▇▇▇▇▇ automobile, see paragraph (c) (1) and (2) of this section. Section 1.
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280F 
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Related to 280F

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  • Data Protection Act 7.1 With respect to the parties' rights and obligations under this Contract, the parties agree that the Department is the Data Controller and that the Contractor is the Data Processor. 7.2 The Contractor shall: 7.2.1 Process the Personal Data only in accordance with instructions from the Department (which may be specific instructions or instructions of a general nature as set out in this Contract or as otherwise notified by the Department to the Contractor during the Term); 7.2.2 Process the Personal Data only to the extent, and in such manner, as is necessary for the provision of the Services or as is required by Law or any Regulatory Body; 7.2.3 The Contractor shall employ appropriate organisational, operational and technological processes and procedures to keep the Personal Data safe from unauthorised use or access, loss, destruction, theft or disclosure. The organisational, operational and technological processes and procedures adopted are required to comply with the requirements of ISO/IEC 27001 as appropriate to the services being provided to the Department; 7.2.4 Take reasonable steps to ensure the reliability of any Contractor Personnel who have access to the Personal Data; 7.2.5 Obtain prior written consent from the Department in order to transfer the Personal Data to any Sub-contractors or Affiliates for the provision of the Services; 7.2.6 Ensure that all Contractor Personnel required to access the Personal Data are informed of the confidential nature of the Personal Data and comply with the obligations set out in this clause 7; 7.2.7 Ensure that none of Contractor Personnel publish, disclose or divulge any of the Personal Data to any third party unless directed in writing to do so by the Department; 7.2.8 Notify the Department within five Working Days if it receives: a request from a Data Subject to have access to that person's Personal Data; or a complaint or request relating to the Department's obligations under the Data Protection Legislation; 7.2.9 Provide the Department with full cooperation and assistance in relation to any complaint or request made, including by: - providing the Department with full details of the complaint or request; - complying with a data access request within the relevant timescales set out in the Data Protection Legislation and in accordance with the Department's instructions; - providing the Department with any Personal Data it holds in relation to a Data Subject (within the timescales required by the Department); and - providing the Department with any information requested by the Department; 7.2.10 Permit the Department or the Department’s Representative (subject to reasonable and appropriate confidentiality undertakings), to inspect and audit the Contractor's data Processing activities (and/or those of its agents, subsidiaries and Sub-contractors) and comply with all reasonable requests or directions by the Department to enable the Department to verify and/or procure that the Contractor is in full compliance with its obligations under this Contract; 7.2.11 Provide a written description of the technical and organisational methods employed by the Contractor for processing Personal Data (within the timescales required by the Department) to be used solely for the purposes of this contract and provided that to do so would not be in breach of the Intellectual Property Rights (including Copyright) of a third party; and 7.2.12 Not process Personal Data outside the European Economic Area without the prior written consent of the Department and, where the Department consents to a transfer, to comply with: - the obligations of a Data Controller under the Eighth Data Protection Principle set out in Schedule 1 of the Data Protection Act 1998 by providing -an adequate level of protection to any Personal Data that is transferred; and - any reasonable instructions notified to it by the Department. 7.3 The Contractor shall comply at all times with the Data Protection Legislation and shall not perform its obligations under this Contract in such a way as to cause the Department to breach any of its applicable obligations under the Data Protection Legislation.

  • California Civil Code Section 1542 It is possible that other claims not known to the Parties arising out of the facts alleged in the Notice and relating to the Covered Products will develop or be discovered. EHA on behalf of itself only, on one hand, and ▇▇▇▇▇▇ on behalf of itself only, on the other hand, acknowledge that this Settlement Agreement is expressly intended to cover and include all such claims up through the Effective Date. The Parties acknowledge that the claims released in Sections 4.1 and 4.2 may include unknown claims, and nevertheless waive California Civil Code section 1542 as to any such unknown claims. California Civil Code section 1542 reads as follows: EHA and ▇▇▇▇▇▇ each acknowledge and understand the significance and consequences of this specific waiver of California Civil Code § 1542.

  • Soldiers' and Sailors' Civil Relief Act The Mortgagor has not notified the Seller, and the Seller has no knowledge of any relief requested or allowed to the Mortgagor under the Relief Act or any similar state statute;

  • Section 504 of the Rehabilitation Act of 1973 Contractor shall comply with Section 504 of the Rehabilitation Act of 1973, as amended, which provides that no otherwise qualified individual with a disability shall, solely by reason of a disability, be excluded from the participation in, be denied the benefits of, or be subjected to discrimination in the performance of any services this Agreement. This Section applies only to contractors who are providing services to members of the public under this Agreement.