### 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 before January 1, 2020 (January 1, 2021 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**

