Final answer:
The Tax Cuts and Jobs Act removed 'computers and related peripheral equipment' from the list of property that requires increased documentation for business deductions. This simplification benefits businesses by easing the process for claiming tax deductions on these items.
Step-by-step explanation:
The Tax Cuts and Jobs Act has specifically changed the rules for listed property that requires increased documentation for business expense deductions. The property that is no longer considered listed property due to these changes is a. computers and related peripheral equipment. Before the change, if a business wanted to deduct the cost of computers and related peripherals, they had to meet stringent documentation requirements to prove their business use. With the passing of the Tax Cuts and Jobs Act, the need for this increased level of documentation for computers has been eliminated, simplifying the process for businesses when claiming these items as expenses.
However, other types of property such as passenger automobiles, other transportation means, and entertainment-related items may still carry the requirement for detailed documentation due to their potential for personal and recreational use.