### Question
Can you define what qualified property means?


### Answer
**Qualified property** is defined as the following in *26 U.S.C. § 460*:

> property described in section 168(k)(2) which—


(i) has a recovery period of 7 years or less, and


(ii) is placed in service after December 31, 2009, and before January 1, 2011 (January 1, 2012, in the case of property described in section 168(k)(2)(B)), or after December 31, 2012, and before January 1, 2014 (January 1, 2015, in the case of property described in section 168(k)(2)(B))

#### Citation:
  - *26 U.S.C. § 460*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter E-Accounting Periods and Methods of Accounting > PART II-METHODS OF ACCOUNTING > Subpart B-Taxable Year for Which Items of Gross Income Included**

