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Internal Revenue Code of 1986

The official collection of federal tax laws in the United States, which outlines how taxes are calculated, collected, and regulated.

Depreciation

An accounting method that allows businesses to spread out the cost of an asset (like equipment) over its useful life for tax purposes, rather than deducting the full cost in the year it was bought. This reduces a company's taxable income over time.

15-year property

A classification for certain types of business assets under federal tax law, indicating that their cost can be deducted over a 15-year period for depreciation.

Qualified energy-efficient draft alcohol property

Specific equipment, such as stainless steel or aluminum containers (like kegs) and commercial tap systems, that are used in restaurants, bars, or entertainment venues to distribute and sell draft alcohol, and meet certain energy-efficiency criteria.

Taxable income

The amount of a person's or company's earnings that is subject to federal income tax after all allowed deductions and exemptions are subtracted.

Effective date

The specific calendar date when a new law, rule, or amendment officially goes into effect and becomes enforceable.