Depreciation on Inherited Property

THE TAX ATTIC with Jerry Coon

May 24, 2012 // 0 Comments

How to calculate depreciation on inherited property One of my favorite movies of all time, “Midway,” will undoubtedly be shown this Memorial Day weekend. The 1976 war movie has a tremendous cast of characters with Glenn Ford, Henry Fonda, Charlton Heston, Hal Holbrook, Cliff Robertson, Edward Albert Jr., and other stars telling the story of the June 4-7, 1942 battle of Midway Island. It was the largest battle ever fought exclusively between aircraft carriers and fighter planes. Throughout history, there had been many maritime battles where the ships of one nation fought close-up with the ships of another power. This one was different in that the ships of neither power ever got close to each other. The aircraft of the United States Navy successfully sank four aircraft carriers of the Japanese Navy. We lost one carrier. Perhaps we got a bit lucky in that our planes found their ships before their planes found our ships. But we needed some good luck. The Japanese had ruled the Pacific Ocean from December 7, 1941, as President Roosevelt famously said “a day that will live in infamy,” when the dastardly Japanese surprised and decimated our fleet at Pearl Harbor. That rule lasted a grand total of seven months. This may be the greatest example of what goes around, comes around. It usually happens. It doesn’t usually happen in seven months. They got lucky when we were surprised by the sound of Japanese dive-bombers, torpedo planes, and fighters filling the skies over Pearl Harbor. We lost over 2,000 soldiers and sailors. We got lucky at Midway a mere seven months later when our dive-bombers, torpedo planes, and fighters filled the skies over the Japanese carriers. They lost over 3,000 soldiers and sailors. From this battle on, we ruled the Pacific Ocean and the Japanese steadily were beaten back and ultimately defeated. Granted, it took a few years, but it started at Midway. I love this story because it illustrates American perseverance and courage. Being the underdog only made them fight harder. We are fortunate today to live in a country that can celebrate these accomplishments. My heartfelt “Thanks” goes out to all of those who have served or are serving now in the military so that we can continue […]