Depreciation, taxes is subject for seminar

“Depreciation and Your Taxes” will be presented by the University of Maine Cooperative Extension and the Internal Revenue Service. The program will be held at 7 p.m. Thursday, Oct. 25, in Penobscot County Extension Office, 105 Hammond St., Court House Annex.

Anna Perna, representative from the Internal Revenue Service will cover such topics as how to determine what property qualifies for depreciation and the differences between tangible and intangible property and between real property and personal property; and the concept of useful life and the requirement that the property must be used in a trade or business.

Perna will cover the principles of basis, salvage value, and date placed in service. She also will discuss methods of depreciation, how to do the computations, and what forms to use.

Computation and reporting of taxable gain or loss when disposing of depreciated property will comprise the second major topic of the morning.

Extension educator Herbert H. Zeichick said this program is only one in many free seminars available to the public. For more information on this and other extension programs, write to: Herbert H. Zeichick, Extension Educator, University of Maine Cooperative Extension, Penobscot County Extension office, 105 Hammond St., Court House Annex, Bangor 04401, or call 942-7396.