If the Business Use of Listed Property Decreases to 50

question 19

True/False

If the business use of listed property decreases to 50% or less of the total usage,the property is subject to depreciation recapture.

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Definitions:

Lapse of Time

The expiration of a period specified by statute, contract, or agreement after which legal rights may no longer be enforced or claims made.

Substantially More Burdensome

A term referring to contract modifications or conditions that significantly increase the obligations of one party beyond what was initially agreed upon.

Cultivated Bottomland

Land located in a valley or low-lying area that has been improved for agricultural production through human effort.

County AgriCredit

This term may refer to a specific or generic financial program or service offered at the county level targeting the agricultural sector, providing loans, credit, or financial assistance to farmers or agribusinesses. However, without more context, it is challenging to provide a precise definition.