### Question
How does the law define qualified property?


### Answer
Under *26 U.S.C. § 460*, **qualified property** is defined as:

> 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**

