Question: In Section 8-3b, the text notes that the Tax Cuts and Jobs Act allows taxpayers a bonus depreciation deduction equal to 100% of the basis

In Section 8-3b, the text notes that the Tax Cuts and Jobs Act allows taxpayers a bonus depreciation deduction equal to 100% of the basis of "qualified property" placed in service during the tax year.The text does not mention that the definition of "qualified property" was changed by the TCJA and simply notes that used property can qualify, without mentioning that the TCJA changed the law to allow bonus depreciation for used property only if the property was placed in service after September 27, 2017.That is also the effective date for the other changes to the definition of qualified property made by the TCJA.

Please list and describe any changes made by the Tax Cuts and Jobs Act to the definition of "qualified property" for which bonus depreciation is allowed under the revised law. Be sure to list and describe any changes to the types of property that are expressly excluded from "qualified property."

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