Resources:

United States Code Title 26 - Internal Revenue Code
Code of Federal Regulations Title 26 - Internal Revenue
Cost Segregation Audit Technique Guide

UNITED STATES TAX CODE TITLE 26--Section 1245, provides numerous incentives for taxpayers to perform cost segregation studies to allocate costs to Section 1245 property from Section 1250 property. 

Section 1245 property allows for depreciation acceleration of certain tangible personal property by shortening the cost recovery period (since Section 1245 property has shorter lives than Section 1250 property).

Certain items normally considered real property can be reclassified as tangible personal property (i.e., Section 1245 property) and not real property (Section 1250 property).

Stand by! More to come shortly.