Expense Method Depreciation Act of 1981

[AI summary unavailable — showing source text] Expense-Method Depreciation Act of 1981 - Amends the Internal Revenue Code to provide an accelerated method of depreciation for depreciable personal property which is placed in service after December 31, 1980. Assigns such property to one of three classes based upon present class lives under the Asset Depreciation Range (ADR) system. Allows 90 to 100 percent depreciation of such property in the current taxable year based upon the class to which it is assigned. Excludes certain types of property from accelerated depreciation treatment. Repeals provisions providing for additional first-year depreciation for small businesses. Provides for depreciation of certain real property placed in service after December 31, 1980, according to the straight line method based on a useful life of 20 years (15 years if an election is made). Specifies a 15 year useful life for low-income housing. Allows a 30 percent variance from class life for long-life public utility property and certain real property. Disqualifies any property depreciated under the terms of this Act for investment tax credit treatment.…