On December 21st of 2018, the Internal Revenue Service (hereinafter the “Service”) issued new administrative guidance in the form of Rev. Proc. 2019-08 governing expense deductions and depreciation measures in connection to real property as enacted by the 2017 Tax Cuts and Jobs Act, Pub. L. No. 115-97, (hereinafter the “TCJA”’). It should be duly recalled, the TCJA enacted the subsequent tax law amendments including, but not limited to: R.C. § Sec. 179 by modifying the definition of “Qualified Real Property” that may be eligible as I.R.C. § Sec. 179 property pursuant to I.R.C. § Sec. 179(d)(1); R.C. § Sec. 168 by requiring certain property held by an electing real property trade or business and reducing the recovery period under the Alternative Depreciation System (hereinafter “ADS”) from 40 years to 30 years for commercial residential real estate property; and R.C. § Sec. 168 by requiring certain property held by an electing farming business to be depreciated under the ADS.