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1040x Tax Amendment Form

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1040x Tax Amendment Form

1040x tax amendment form Publication 1542 - Introductory Material Table of Contents What's New IntroductionOrdering forms and publications. 1040x tax amendment form Tax questions. 1040x tax amendment form What's New Future developments. 1040x tax amendment form  The IRS has created a page on IRS. 1040x tax amendment form gov for information about Publication 1542, at www. 1040x tax amendment form irs. 1040x tax amendment form gov/pub1542. 1040x tax amendment form Information about any future developments affecting Publication 1542 (such as legislation enacted after we release it) will be posted on that page. 1040x tax amendment form Introduction This publication is for employers who pay a per diem allowance to employees for business travel away from home within the continental United States (CONUS) (the 48 contiguous states), on or after October 1, 2010, and before January 1, 2011. 1040x tax amendment form It gives the maximum per diem rate you can use without treating part of the per diem allowance as wages for tax purposes. 1040x tax amendment form For a detailed discussion on the tax treatment of a per diem allowance, see chapter 11 of Publication 535, Business Expenses, or Revenue Procedure 2011-47, 2011-42 I. 1040x tax amendment form R. 1040x tax amendment form B. 1040x tax amendment form 520, which can be found on the Internet at www. 1040x tax amendment form irs. 1040x tax amendment form gov/irb/2011-42_IRB/ar12. 1040x tax amendment form html. 1040x tax amendment form Per diem rates on the Internet. 1040x tax amendment form   You will find links to per diem rates at www. 1040x tax amendment form gsa. 1040x tax amendment form gov/perdiem, including links to: CONUS per diem rates; Per diem rates for areas outside the continental United States (OCONUS), such as Alaska, Hawaii, Puerto Rico, and U. 1040x tax amendment form S. 1040x tax amendment form possessions; and Foreign per diem rates. 1040x tax amendment form Publication 1542 revisions. 1040x tax amendment form   Publication 1542 is available only on the Internet at IRS. 1040x tax amendment form gov. 1040x tax amendment form Print copies can no longer be ordered. 1040x tax amendment form   During the year, as changes to the federal per diem rates (updates) are announced by the General Services Administration (GSA), we will incorporate the changes into Publication 1542. 1040x tax amendment form An article on IRS. 1040x tax amendment form gov will alert you to which locations have updated rates. 1040x tax amendment form To reach these articles, go to www. 1040x tax amendment form irs. 1040x tax amendment form gov/formspubs and click on “Changes to Current Tax Products,” under Important Changes. 1040x tax amendment form You will find the new rates in Table 4. 1040x tax amendment form   We will also incorporate mid-year changes to the high-low rates into Publication 1542. 1040x tax amendment form You will be alerted to these changes by a similar article on IRS. 1040x tax amendment form gov and can find the changes in Table 2 of the revised publication. 1040x tax amendment form   The annual changes, both federal per diem and high-low rates, will be incorporated into the publication as soon as possible after being announced by GSA and the IRS. 1040x tax amendment form The annual issue of the publication should be available each year in mid- to late-October. 1040x tax amendment form Comments and suggestions. 1040x tax amendment form   We welcome your comments about this publication and your suggestions for future editions. 1040x tax amendment form   You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. 1040x tax amendment form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. 1040x tax amendment form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x tax amendment form   You can email us at taxforms@irs. 1040x tax amendment form gov. 1040x tax amendment form Please put “Publications Comment” on the subject line. 1040x tax amendment form You can also send us comments from www. 1040x tax amendment form irs. 1040x tax amendment form gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. 1040x tax amendment form ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040x tax amendment form Ordering forms and publications. 1040x tax amendment form   Visit www. 1040x tax amendment form irs. 1040x tax amendment form gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. 1040x tax amendment form Internal Revenue Service 1201 N. 1040x tax amendment form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. 1040x tax amendment form   If you have a tax question, check the information available on IRS. 1040x tax amendment form gov or call 1-800-829-1040. 1040x tax amendment form We cannot answer tax questions sent to either of the above addresses. 1040x tax amendment form Prev  Up  Next   Home   More Online Publications
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The 1040x Tax Amendment Form

1040x tax amendment form 3. 1040x tax amendment form   Claiming the Special Depreciation Allowance Table of Contents Introduction What Is Qualified Property?Qualified Reuse and Recycling Property Qualified Cellulosic Biofuel Plant Property Qualified Disaster Assistance Property Certain Qualified Property Acquired After December 31, 2007 Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance How Much Can You Deduct? How Can You Elect Not To Claim an Allowance? When Must You Recapture an Allowance? Introduction You can take a special depreciation allowance to recover part of the cost of qualified property (defined next), placed in service during the tax year. 1040x tax amendment form The allowance applies only for the first year you place the property in service. 1040x tax amendment form For qualified property placed in service in 2013, you can take an additional 50% special allowance. 1040x tax amendment form The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. 1040x tax amendment form This chapter explains what is qualified property. 1040x tax amendment form It also includes rules regarding how to figure an allowance, how to elect not to claim an allowance, and when you must recapture an allowance. 1040x tax amendment form Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. 1040x tax amendment form See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. 1040x tax amendment form See chapter 6 for information about getting publications and forms. 1040x tax amendment form What Is Qualified Property? Your property is qualified property if it is one of the following. 1040x tax amendment form Qualified reuse and recycling property. 1040x tax amendment form Qualified cellulosic biofuel plant property. 1040x tax amendment form Qualified disaster assistance property. 1040x tax amendment form Certain qualified property acquired after December 31, 2007. 1040x tax amendment form The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. 1040x tax amendment form Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. 1040x tax amendment form Qualified reuse and recycling property is any machinery or equipment (not including buildings or real estate), along with any appurtenance, that is used exclusively to collect, distribute, or recycle qualified reuse and recyclable materials (as defined in section 168(m)(3)(B) of the Internal Revenue Code). 1040x tax amendment form Qualified reuse and recycling property also includes software necessary to operate such equipment. 1040x tax amendment form The property must meet the following requirements. 1040x tax amendment form The property must be depreciated under MACRS. 1040x tax amendment form The property must have a useful life of at least 5 years. 1040x tax amendment form The original use of the property must begin with you after August 31, 2008. 1040x tax amendment form You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after August 31, 2008, with no binding written contract for the acquisition in effect before September 1, 2008. 1040x tax amendment form The property must be placed in service for use in your trade or business after August 31, 2008. 1040x tax amendment form Excepted Property Qualified reuse and recycling property does not include any of the following. 1040x tax amendment form Any rolling stock or other equipment used to transport reuse or recyclable materials. 1040x tax amendment form Property required to be depreciated using the Alternative Depreciation System (ADS). 1040x tax amendment form For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . 1040x tax amendment form Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. 1040x tax amendment form Property for which you elected not to claim any special depreciation allowance (discussed later). 1040x tax amendment form Property placed in service and disposed of in the same tax year. 1040x tax amendment form Property converted from business use to personal use in the same tax year acquired. 1040x tax amendment form Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. 1040x tax amendment form Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. 1040x tax amendment form Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. 1040x tax amendment form Examples include bagasse (from sugar cane), corn stalks, and switchgrass. 1040x tax amendment form The property must meet the following requirements. 1040x tax amendment form The property is used in the United States solely to produce cellulosic biofuel. 1040x tax amendment form The original use of the property must begin with you after December 20, 2006. 1040x tax amendment form You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) after December 20, 2006, with no binding written contract for acquisition in effect before December 21, 2006. 1040x tax amendment form The property must be placed in service for use in your trade or business or for the production of income after October 3, 2008, and before January 3, 2013. 1040x tax amendment form Note. 1040x tax amendment form For property placed in service after January 2, 2013, and before January 1, 2014, you can take a 50% special depreciation allowance for qualified second generation biofuel plant property that is used solely in the United States to produce second generation biofuel (as defined in section 40(b)(6)(E)). 1040x tax amendment form The other requirements for qualified second generation biofuel plant property to be eligible for the special depreciation allowance are identical to the requirements discussed for Qualified Cellulosic Biofuel Plant Property above. 1040x tax amendment form Special Rules Sale-leaseback. 1040x tax amendment form   If you sold qualified cellulosic biofuel plant property you placed in service after October 3, 2008, and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. 1040x tax amendment form   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before December 21, 2006. 1040x tax amendment form Syndicated leasing transactions. 1040x tax amendment form   If qualified cellulosic biofuel plant property is originally placed in service by a lessor after October 3, 2008, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. 1040x tax amendment form   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. 1040x tax amendment form Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. 1040x tax amendment form Property placed in service and disposed of in the same tax year. 1040x tax amendment form Property converted from business use to personal use in the same tax year it is acquired. 1040x tax amendment form Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. 1040x tax amendment form Property required to be depreciated using the Alternative Depreciation System (ADS). 1040x tax amendment form For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . 1040x tax amendment form Property any portion of which is financed with the proceeds of any obligation the interest on which is exempt from tax under section 103 of the Internal Revenue Code. 1040x tax amendment form Property for which you elected not to claim any special depreciation allowance (discussed later). 1040x tax amendment form Property for which a deduction was taken under section 179C for certain qualified refinery property. 1040x tax amendment form Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. 1040x tax amendment form Qualified Disaster Assistance Property You can take a 50% special depreciation allowance for qualified disaster assistance property placed in service in federally declared disaster areas in which the disaster occurred in 2009. 1040x tax amendment form A list of the federally declared disaster areas is available at the FEMA website at www. 1040x tax amendment form fema. 1040x tax amendment form gov. 1040x tax amendment form Your property is qualified disaster assistance property if it meets the following requirements. 1040x tax amendment form The property is nonresidential real property or residential real property placed in service before January 1, 2014, in a federally declared disaster area in which the disaster occurred in 2009. 1040x tax amendment form You must have acquired the property by purchase (as discussed under Property Acquired by Purchase in chapter 2 ) on or after the applicable disaster date, with no binding written contract for the acquisition in effect before the applicable disaster date. 1040x tax amendment form The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. 1040x tax amendment form The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. 1040x tax amendment form The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. 1040x tax amendment form The property is placed in service by you on or before the date which is the last day of the fourth calendar year. 1040x tax amendment form Substantially all (80% or more) of the use of the property must be in the active conduct of your trade or business in a federally declared disaster area, occurring in 2009. 1040x tax amendment form It is not excepted property (explained later in Excepted Property ). 1040x tax amendment form Special Rules Sale-leaseback. 1040x tax amendment form   If you sold qualified disaster assistance property you placed in service after the applicable disaster date and leased it back within 3 months after you originally placed it in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. 1040x tax amendment form   The property will not qualify for the special allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before the applicable disaster date. 1040x tax amendment form Syndicated leasing transactions. 1040x tax amendment form   If qualified disaster assistance property is originally placed in service by a lessor after the applicable disaster date, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. 1040x tax amendment form   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of sale if the property is sold within 3 months after the final unit is placed in service and the period between the times the first and last units are placed in service does not exceed 12 months. 1040x tax amendment form Excepted Property Qualified disaster assistance property does not include any of the following. 1040x tax amendment form Property required to be depreciated using the Alternative Depreciation System (ADS). 1040x tax amendment form For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . 1040x tax amendment form Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. 1040x tax amendment form Any qualified revitalization building (defined later) placed in service before January 1, 2010, for which you have elected to claim a commercial revitalization deduction for qualified revitalization expenditures. 1040x tax amendment form Any property used in connection with any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, or any store, the principal business of which is the sale of alcoholic beverages for consumption off premises. 1040x tax amendment form Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. 1040x tax amendment form Property for which you elected not to claim any special depreciation allowance (discussed later). 1040x tax amendment form Property placed in service and disposed of in the same tax year. 1040x tax amendment form Property converted from business use to personal use in the same tax year acquired. 1040x tax amendment form Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. 1040x tax amendment form Any gambling or animal racing property (defined later). 1040x tax amendment form Qualified revitalization building. 1040x tax amendment form   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. 1040x tax amendment form If the building is new, the original use of the building must begin with you. 1040x tax amendment form If the building is not new, you must substantially rehabilitate the building and then place it in service. 1040x tax amendment form For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. 1040x tax amendment form Gambling or animal racing property. 1040x tax amendment form   Gambling or animal racing property includes the following personal and real property. 1040x tax amendment form Any equipment, furniture, software, or other property used directly in connection with gambling, the racing of animals, or the on-site viewing of such racing. 1040x tax amendment form Any real property determined by square footage (other than any portion that is less than 100 square feet) that is dedicated to gambling, the racing of animals, or the on-site viewing of such racing. 1040x tax amendment form Certain Qualified Property Acquired After December 31, 2007 You can take a 50% special depreciation deduction allowance for certain qualified property acquired after December 31, 2007. 1040x tax amendment form Your property is qualified property if it meets the following requirements. 1040x tax amendment form It is one of the following types of property. 1040x tax amendment form Tangible property depreciated under MACRS with a recovery period of 20 years or less. 1040x tax amendment form Water utility property. 1040x tax amendment form Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. 1040x tax amendment form (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. 1040x tax amendment form ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). 1040x tax amendment form You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. 1040x tax amendment form The property must be placed in service for use in your trade or business or for the production of income before January 1, 2014 (before January 1, 2015, for certain property with a long production period and certain aircraft (defined next)). 1040x tax amendment form The original use of the property must begin with you after December 31, 2007. 1040x tax amendment form It is not excepted property (explained later in Excepted property). 1040x tax amendment form Qualified leasehold improvement property. 1040x tax amendment form    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. 1040x tax amendment form The improvement is made under or according to a lease by the lessee (or any sublessee) or the lessor of that part of the building. 1040x tax amendment form That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. 1040x tax amendment form The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. 1040x tax amendment form The improvement is section 1250 property. 1040x tax amendment form See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. 1040x tax amendment form   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. 1040x tax amendment form The enlargement of the building. 1040x tax amendment form Any elevator or escalator. 1040x tax amendment form Any structural component benefiting a common area. 1040x tax amendment form The internal structural framework of the building. 1040x tax amendment form   Generally, a binding commitment to enter into a lease is treated as a lease and the parties to the commitment are treated as the lessor and lessee. 1040x tax amendment form However, a lease between related persons is not treated as a lease. 1040x tax amendment form Related persons. 1040x tax amendment form   For this purpose, the following are related persons. 1040x tax amendment form Members of an affiliated group. 1040x tax amendment form An individual and a member of his or her family, including only a spouse, child, parent, brother, sister, half-brother, half-sister, ancestor, and lineal descendant. 1040x tax amendment form A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. 1040x tax amendment form Two corporations that are members of the same controlled group. 1040x tax amendment form A trust fiduciary and a corporation if 80% or more of the value of the outstanding stock is directly or indirectly owned by or for the trust or grantor of the trust. 1040x tax amendment form The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. 1040x tax amendment form The fiduciaries of two different trusts, and the fiduciaries and beneficiaries of two different trusts, if the same person is the grantor of both trusts. 1040x tax amendment form A tax-exempt educational or charitable organization and any person (or, if that person is an individual, a member of that person's family) who directly or indirectly controls the organization. 1040x tax amendment form Two S corporations, and an S corporation and a regular corporation, if the same persons own 80% or more of the value of the outstanding stock of each corporation. 1040x tax amendment form A corporation and a partnership if the same persons own both of the following. 1040x tax amendment form 80% or more of the value of the outstanding stock of the corporation. 1040x tax amendment form 80% or more of the capital or profits interest in the partnership. 1040x tax amendment form The executor and beneficiary of any estate. 1040x tax amendment form Long Production Period Property To be qualified property, long production period property must meet the following requirements. 1040x tax amendment form It must meet the requirements in (2)-(5), above. 1040x tax amendment form The property has a recovery period of at least 10 years or is transportation property. 1040x tax amendment form Transportation property is tangible personal property used in the trade or business of transporting persons or property. 1040x tax amendment form The property is subject to section 263A of the Internal Revenue Code. 1040x tax amendment form The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. 1040x tax amendment form Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. 1040x tax amendment form It must meet the requirements in (2)-(5), above. 1040x tax amendment form The aircraft must not be tangible personal property used in the trade or business of transporting persons or property (except for agricultural or firefighting purposes). 1040x tax amendment form The aircraft must be purchased (as discussed under Property Acquired by Purchase in chapter 2 ) by a purchaser who at the time of the contract for purchase, makes a nonrefundable deposit of the lesser of 10% of the cost or $100,000. 1040x tax amendment form The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. 1040x tax amendment form Special Rules Sale-leaseback. 1040x tax amendment form   If you sold qualified property you placed in service after December 31, 2007, and leased it back within 3 months after you originally placed in service, the property is treated as originally placed in service no earlier than the date it is used by you under the leaseback. 1040x tax amendment form   The property will not qualify for the special depreciation allowance if the lessee or a related person to the lessee or lessor had a written binding contract in effect for the acquisition of the property before January 1, 2008. 1040x tax amendment form Syndicated leasing transactions. 1040x tax amendment form   If qualified property is originally placed in service by a lessor after December 31, 2007, the property is sold within 3 months of the date it was placed in service, and the user of the property does not change, then the property is treated as originally placed in service by the taxpayer no earlier than the date of the last sale. 1040x tax amendment form   Multiple units of property subject to the same lease will be treated as originally placed in service no earlier than the date of the last sale if the property is sold within 3 months after the final unit is placed in service and the period between the time the first and last units are placed in service does not exceed 12 months. 1040x tax amendment form Excepted Property Qualified property does not include any of the following. 1040x tax amendment form Property placed in service and disposed of in the same tax year. 1040x tax amendment form Property converted from business use to personal use in the same tax year acquired. 1040x tax amendment form Property converted from personal use to business use in the same or later tax year may be qualified property. 1040x tax amendment form Property required to be depreciated under the Alternative Depreciation System (ADS). 1040x tax amendment form This includes listed property used 50% or less in a qualified business use. 1040x tax amendment form For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies , in chapter 4 . 1040x tax amendment form Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). 1040x tax amendment form Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). 1040x tax amendment form Property for which you elected not to claim any special depreciation allowance (discussed later). 1040x tax amendment form Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). 1040x tax amendment form Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 2 extension property (as defined in section 168(k)(4)(I)(iv)), unless the corporation made an election not to apply the section 168(k)(4) election to round 2 extension property for its first tax year ending after December 31, 2010. 1040x tax amendment form For 2013, round 2 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2012, but before January 1, 2014. 1040x tax amendment form An election made by a corporation to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, continues to apply to round 3 extension property (as defined in section 168(k)(4)(J)(iv)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 3 extension property. 1040x tax amendment form If a corporation did not make a section 168(k)(4) election for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, or its first tax year ending after December 31, 2010, the corporation may elect for its first tax year ending after December 31, 2012, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 3 extension property. 1040x tax amendment form If you make an election to accelerate these credits in lieu of claiming the special depreciation allowance for eligible property, you must not take the 50% special depreciation allowance for the property and must depreciate the basis in the property under MACRS using the straight line method. 1040x tax amendment form See Which Depreciation Method Applies in chapter 4 . 1040x tax amendment form Once made, the election cannot be revoked without IRS consent. 1040x tax amendment form Additional guidance. 1040x tax amendment form   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. 1040x tax amendment form Proc. 1040x tax amendment form 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. 1040x tax amendment form irs. 1040x tax amendment form gov/pub/irs-irbs/irb08-44. 1040x tax amendment form pdf, Rev. 1040x tax amendment form Proc. 1040x tax amendment form 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. 1040x tax amendment form irs. 1040x tax amendment form gov/pub/irs-irbs/irb09-06. 1040x tax amendment form pdf, and Rev. 1040x tax amendment form Proc. 1040x tax amendment form 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. 1040x tax amendment form irs. 1040x tax amendment form gov/pub/irs-irbs/irb09-29. 1040x tax amendment form pdf. 1040x tax amendment form Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. 1040x tax amendment form   Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 2 extension property and round 3 extension property may also be available in later Internal Revenue Bulletins available at www. 1040x tax amendment form irs. 1040x tax amendment form gov/irb. 1040x tax amendment form How Much Can You Deduct? Figure the special depreciation allowance by multiplying the depreciable basis of qualified reuse and recycling property, qualified cellulosic biofuel plant property, qualified disaster assistance property, and certain qualified property acquired after December 31, 2007, by 50%. 1040x tax amendment form For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. 1040x tax amendment form For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. 1040x tax amendment form If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. 1040x tax amendment form Depreciable basis. 1040x tax amendment form   This is the property's cost or other basis multiplied by the percentage of business/investment use, reduced by the total amount of any credits and deductions allocable to the property. 1040x tax amendment form   The following are examples of some credits and deductions that reduce depreciable basis. 1040x tax amendment form Any section 179 deduction. 1040x tax amendment form Any deduction for removal of barriers to the disabled and the elderly. 1040x tax amendment form Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. 1040x tax amendment form Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. 1040x tax amendment form   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. 1040x tax amendment form   For information about how to determine the cost or other basis of property, see What Is the Basis of Your Depreciable Property in chapter 1 . 1040x tax amendment form For a discussion of business/investment use, see Partial business or investment use under Property Used in Your Business or Income-Producing Activity in chapter 1 . 1040x tax amendment form Depreciating the remaining cost. 1040x tax amendment form   After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4 . 1040x tax amendment form Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. 1040x tax amendment form Example. 1040x tax amendment form On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. 1040x tax amendment form He did not elect to claim a section 179 deduction. 1040x tax amendment form He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. 1040x tax amendment form He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. 1040x tax amendment form Like-kind exchanges and involuntary conversions. 1040x tax amendment form   If you acquire qualified property in a like-kind exchange or involuntary conversion, the carryover basis of the acquired property is eligible for a special depreciation allowance. 1040x tax amendment form After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. 1040x tax amendment form In the year you claim the allowance (the year you place in service the property received in the exchange or dispose of involuntarily converted property), you must reduce the carryover basis of the property by the allowance before figuring your regular MACRS depreciation deduction. 1040x tax amendment form See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . 1040x tax amendment form The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. 1040x tax amendment form How Can You Elect Not To Claim an Allowance? You can elect, for any class of property, not to deduct any special allowances for all property in such class placed in service during the tax year. 1040x tax amendment form To make an election, attach a statement to your return indicating what election you are making and the class of property for which you are making the election. 1040x tax amendment form When to make election. 1040x tax amendment form   Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service. 1040x tax amendment form   However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). 1040x tax amendment form Attach the election statement to the amended return. 1040x tax amendment form On the amended return, write “Filed pursuant to section 301. 1040x tax amendment form 9100-2. 1040x tax amendment form ” Revoking an election. 1040x tax amendment form   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. 1040x tax amendment form A request to revoke the election is a request for a letter ruling. 1040x tax amendment form If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. 1040x tax amendment form When Must You Recapture an Allowance? When you dispose of property for which you claimed a special depreciation allowance, any gain on the disposition is generally recaptured (included in income) as ordinary income up to the amount of the special depreciation allowance previously allowed or allowable. 1040x tax amendment form See When Do You Recapture MACRS Depreciation in chapter 4 or more information. 1040x tax amendment form Recapture of allowance deducted for qualified GO Zone property. 1040x tax amendment form   If, in any year after the year you claim the special depreciation allowance for qualified GO Zone property (including specified GO Zone extension property), the property ceases to be used in the GO Zone, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. 1040x tax amendment form For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. 1040x tax amendment form Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. 1040x tax amendment form   If, in any year after the year you claim the special depreciation allowance for any qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, the property ceases to be qualified cellulosic biomass ethanol plant property or qualified biofuel plant property, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. 1040x tax amendment form Recapture of allowance for qualified Recovery Assistance property. 1040x tax amendment form   If, in any year after the year you claim the special depreciation allowance for qualified Recovery Assistance property, the property ceases to be used in the Kansas disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. 1040x tax amendment form For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. 1040x tax amendment form Recapture of allowance for qualified disaster assistance property. 1040x tax amendment form   If, in any year after the year you claim the special depreciation allowance for qualified disaster assistance property, the property ceases to be used in the applicable disaster area, you may have to recapture as ordinary income the excess benefit you received from claiming the special depreciation allowance. 1040x tax amendment form   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. 1040x tax amendment form Prev  Up  Next   Home   More Online Publications