The Electronic Documents of Illinois provides permanent public access to official publications of the State of Illinois which have been deposited in electronic form.
General Information Letter: No subtraction modification is allowed for depreciation of property received in a like-kind exchange based on the excess of fair market value of the property over its federal income tax basis.
General Information Letter: Illinois law does not provide for modification of the taxpayers basis in property on which federal bonus depreciation was claimed. Subtraction modifications related to federal bonus depreciation must be computed and reported on the Schedule 4562.