Q. At your Ag Tax Program you said that drainage tile could qualify for 100-percent bonus depreciation for cash rent landlords. Is that correct?

A. The 100-percent bonus depreciation was enacted at the eleventh hour by Congress in mid-December 2010. Congress enacted the 100-percent bonus retroactively, so that it applies to assets placed in service from Sept. 9, 2010 through Dec. 31, 2011. The criteria are quite simple: It is a new (not used) asset and has a depreciable class life of 20 years or less. Drainage tile has a 15-year class life, and accordingly, it is eligible.