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File 2011 Tax Return Online

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File 2011 Tax Return Online

File 2011 tax return online 3. File 2011 tax return online   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. File 2011 tax return online The allowance applies only for the first year you place the property in service. File 2011 tax return online For qualified property placed in service in 2013, you can take an additional 50% special allowance. File 2011 tax return online 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. File 2011 tax return online This chapter explains what is qualified property. File 2011 tax return online 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. File 2011 tax return online Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. File 2011 tax return online See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. File 2011 tax return online See chapter 6 for information about getting publications and forms. File 2011 tax return online What Is Qualified Property? Your property is qualified property if it is one of the following. File 2011 tax return online Qualified reuse and recycling property. File 2011 tax return online Qualified cellulosic biofuel plant property. File 2011 tax return online Qualified disaster assistance property. File 2011 tax return online Certain qualified property acquired after December 31, 2007. File 2011 tax return online The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. File 2011 tax return online Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. File 2011 tax return online 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). File 2011 tax return online Qualified reuse and recycling property also includes software necessary to operate such equipment. File 2011 tax return online The property must meet the following requirements. File 2011 tax return online The property must be depreciated under MACRS. File 2011 tax return online The property must have a useful life of at least 5 years. File 2011 tax return online The original use of the property must begin with you after August 31, 2008. File 2011 tax return online 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. File 2011 tax return online The property must be placed in service for use in your trade or business after August 31, 2008. File 2011 tax return online Excepted Property Qualified reuse and recycling property does not include any of the following. File 2011 tax return online Any rolling stock or other equipment used to transport reuse or recyclable materials. File 2011 tax return online Property required to be depreciated using the Alternative Depreciation System (ADS). File 2011 tax return online 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 . File 2011 tax return online Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. File 2011 tax return online Property for which you elected not to claim any special depreciation allowance (discussed later). File 2011 tax return online Property placed in service and disposed of in the same tax year. File 2011 tax return online Property converted from business use to personal use in the same tax year acquired. File 2011 tax return online Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. File 2011 tax return online Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. File 2011 tax return online Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. File 2011 tax return online Examples include bagasse (from sugar cane), corn stalks, and switchgrass. File 2011 tax return online The property must meet the following requirements. File 2011 tax return online The property is used in the United States solely to produce cellulosic biofuel. File 2011 tax return online The original use of the property must begin with you after December 20, 2006. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online Note. File 2011 tax return online 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)). File 2011 tax return online 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. File 2011 tax return online Special Rules Sale-leaseback. File 2011 tax return online   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. File 2011 tax return online   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. File 2011 tax return online Syndicated leasing transactions. File 2011 tax return online   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. File 2011 tax return online   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. File 2011 tax return online Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. File 2011 tax return online Property placed in service and disposed of in the same tax year. File 2011 tax return online Property converted from business use to personal use in the same tax year it is acquired. File 2011 tax return online Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. File 2011 tax return online Property required to be depreciated using the Alternative Depreciation System (ADS). File 2011 tax return online 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 . File 2011 tax return online 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. File 2011 tax return online Property for which you elected not to claim any special depreciation allowance (discussed later). File 2011 tax return online Property for which a deduction was taken under section 179C for certain qualified refinery property. File 2011 tax return online Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. File 2011 tax return online 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. File 2011 tax return online A list of the federally declared disaster areas is available at the FEMA website at www. File 2011 tax return online fema. File 2011 tax return online gov. File 2011 tax return online Your property is qualified disaster assistance property if it meets the following requirements. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. File 2011 tax return online The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. File 2011 tax return online The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. File 2011 tax return online The property is placed in service by you on or before the date which is the last day of the fourth calendar year. File 2011 tax return online 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. File 2011 tax return online It is not excepted property (explained later in Excepted Property ). File 2011 tax return online Special Rules Sale-leaseback. File 2011 tax return online   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. File 2011 tax return online   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. File 2011 tax return online Syndicated leasing transactions. File 2011 tax return online   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. File 2011 tax return online   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. File 2011 tax return online Excepted Property Qualified disaster assistance property does not include any of the following. File 2011 tax return online Property required to be depreciated using the Alternative Depreciation System (ADS). File 2011 tax return online 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 . File 2011 tax return online Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. File 2011 tax return online Property for which you elected not to claim any special depreciation allowance (discussed later). File 2011 tax return online Property placed in service and disposed of in the same tax year. File 2011 tax return online Property converted from business use to personal use in the same tax year acquired. File 2011 tax return online Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. File 2011 tax return online Any gambling or animal racing property (defined later). File 2011 tax return online Qualified revitalization building. File 2011 tax return online   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. File 2011 tax return online If the building is new, the original use of the building must begin with you. File 2011 tax return online If the building is not new, you must substantially rehabilitate the building and then place it in service. File 2011 tax return online For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. File 2011 tax return online Gambling or animal racing property. File 2011 tax return online   Gambling or animal racing property includes the following personal and real property. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online Your property is qualified property if it meets the following requirements. File 2011 tax return online It is one of the following types of property. File 2011 tax return online Tangible property depreciated under MACRS with a recovery period of 20 years or less. File 2011 tax return online Water utility property. File 2011 tax return online Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. File 2011 tax return online (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. File 2011 tax return online ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). File 2011 tax return online You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. File 2011 tax return online 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)). File 2011 tax return online The original use of the property must begin with you after December 31, 2007. File 2011 tax return online It is not excepted property (explained later in Excepted property). File 2011 tax return online Qualified leasehold improvement property. File 2011 tax return online    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. File 2011 tax return online 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. File 2011 tax return online That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. File 2011 tax return online The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. File 2011 tax return online The improvement is section 1250 property. File 2011 tax return online See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. File 2011 tax return online   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. File 2011 tax return online The enlargement of the building. File 2011 tax return online Any elevator or escalator. File 2011 tax return online Any structural component benefiting a common area. File 2011 tax return online The internal structural framework of the building. File 2011 tax return online   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. File 2011 tax return online However, a lease between related persons is not treated as a lease. File 2011 tax return online Related persons. File 2011 tax return online   For this purpose, the following are related persons. File 2011 tax return online Members of an affiliated group. File 2011 tax return online 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. File 2011 tax return online A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. File 2011 tax return online Two corporations that are members of the same controlled group. File 2011 tax return online 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. File 2011 tax return online The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online A corporation and a partnership if the same persons own both of the following. File 2011 tax return online 80% or more of the value of the outstanding stock of the corporation. File 2011 tax return online 80% or more of the capital or profits interest in the partnership. File 2011 tax return online The executor and beneficiary of any estate. File 2011 tax return online Long Production Period Property To be qualified property, long production period property must meet the following requirements. File 2011 tax return online It must meet the requirements in (2)-(5), above. File 2011 tax return online The property has a recovery period of at least 10 years or is transportation property. File 2011 tax return online Transportation property is tangible personal property used in the trade or business of transporting persons or property. File 2011 tax return online The property is subject to section 263A of the Internal Revenue Code. File 2011 tax return online The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. File 2011 tax return online Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. File 2011 tax return online It must meet the requirements in (2)-(5), above. File 2011 tax return online 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). File 2011 tax return online 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. File 2011 tax return online The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. File 2011 tax return online Special Rules Sale-leaseback. File 2011 tax return online   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. File 2011 tax return online   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. File 2011 tax return online Syndicated leasing transactions. File 2011 tax return online   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. File 2011 tax return online   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. File 2011 tax return online Excepted Property Qualified property does not include any of the following. File 2011 tax return online Property placed in service and disposed of in the same tax year. File 2011 tax return online Property converted from business use to personal use in the same tax year acquired. File 2011 tax return online Property converted from personal use to business use in the same or later tax year may be qualified property. File 2011 tax return online Property required to be depreciated under the Alternative Depreciation System (ADS). File 2011 tax return online This includes listed property used 50% or less in a qualified business use. File 2011 tax return online 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 . File 2011 tax return online Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). File 2011 tax return online Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). File 2011 tax return online Property for which you elected not to claim any special depreciation allowance (discussed later). File 2011 tax return online Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online See Which Depreciation Method Applies in chapter 4 . File 2011 tax return online Once made, the election cannot be revoked without IRS consent. File 2011 tax return online Additional guidance. File 2011 tax return online   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. File 2011 tax return online Proc. File 2011 tax return online 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. File 2011 tax return online irs. File 2011 tax return online gov/pub/irs-irbs/irb08-44. File 2011 tax return online pdf, Rev. File 2011 tax return online Proc. File 2011 tax return online 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. File 2011 tax return online irs. File 2011 tax return online gov/pub/irs-irbs/irb09-06. File 2011 tax return online pdf, and Rev. File 2011 tax return online Proc. File 2011 tax return online 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. File 2011 tax return online irs. File 2011 tax return online gov/pub/irs-irbs/irb09-29. File 2011 tax return online pdf. File 2011 tax return online Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. File 2011 tax return online   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. File 2011 tax return online irs. File 2011 tax return online gov/irb. File 2011 tax return online 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%. File 2011 tax return online For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. File 2011 tax return online For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. File 2011 tax return online If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. File 2011 tax return online Depreciable basis. File 2011 tax return online   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. File 2011 tax return online   The following are examples of some credits and deductions that reduce depreciable basis. File 2011 tax return online Any section 179 deduction. File 2011 tax return online Any deduction for removal of barriers to the disabled and the elderly. File 2011 tax return online Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. File 2011 tax return online Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. File 2011 tax return online   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. File 2011 tax return online   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 . File 2011 tax return online 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 . File 2011 tax return online Depreciating the remaining cost. File 2011 tax return online   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 . File 2011 tax return online Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. File 2011 tax return online Example. File 2011 tax return online On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. File 2011 tax return online He did not elect to claim a section 179 deduction. File 2011 tax return online He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. File 2011 tax return online He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. File 2011 tax return online Like-kind exchanges and involuntary conversions. File 2011 tax return online   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. File 2011 tax return online After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. File 2011 tax return online 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. File 2011 tax return online See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . File 2011 tax return online The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. File 2011 tax return online 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. File 2011 tax return online 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. File 2011 tax return online When to make election. File 2011 tax return online   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. File 2011 tax return online   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). File 2011 tax return online Attach the election statement to the amended return. File 2011 tax return online On the amended return, write “Filed pursuant to section 301. File 2011 tax return online 9100-2. File 2011 tax return online ” Revoking an election. File 2011 tax return online   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. File 2011 tax return online A request to revoke the election is a request for a letter ruling. File 2011 tax return online If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. File 2011 tax return online 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. File 2011 tax return online See When Do You Recapture MACRS Depreciation in chapter 4 or more information. File 2011 tax return online Recapture of allowance deducted for qualified GO Zone property. File 2011 tax return online   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. File 2011 tax return online For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. File 2011 tax return online Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. File 2011 tax return online   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. File 2011 tax return online Recapture of allowance for qualified Recovery Assistance property. File 2011 tax return online   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. File 2011 tax return online For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. File 2011 tax return online Recapture of allowance for qualified disaster assistance property. File 2011 tax return online   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. File 2011 tax return online   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. File 2011 tax return online Prev  Up  Next   Home   More Online Publications
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The File 2011 Tax Return Online

File 2011 tax return online Index A Abandonments, Abandonments Annuities, Insurance Policies and Annuities Asset classification Capital, Capital Assets Noncapital, Noncapital Assets Assistance (see Tax help) Assumption of liabilities, Assumption of liabilities. File 2011 tax return online , Liabilities. File 2011 tax return online B Basis Adjusted, Adjusted basis. File 2011 tax return online Original, Basis. File 2011 tax return online Bonds, U. File 2011 tax return online S. File 2011 tax return online Treasury, U. File 2011 tax return online S. File 2011 tax return online Treasury Notes or Bonds Business, sold, Sale of a Business C Canceled Debt, Cancellation of debt. File 2011 tax return online Lease, Cancellation of a lease. File 2011 tax return online Real property sale, Canceling a sale of real property. File 2011 tax return online Capital assets defined, Capital Assets Capital gains and losses Figuring, Long and Short Term Holding period, Holding period. File 2011 tax return online Long term, Long and Short Term Short term, Long and Short Term Treatment of capital losses, Treatment of Capital Losses Casualties, Section 1231 transactions. File 2011 tax return online Charitable organization Bargain sale to, Bargain sales to charity. File 2011 tax return online , Bargain sale to charity. File 2011 tax return online Gift to, Gift to charitable organization. File 2011 tax return online Classes of assets, Classes of assets. File 2011 tax return online Coal, Coal and Iron Ore Coins, Precious Metals and Stones, Stamps, and Coins Comments, Comments and suggestions. File 2011 tax return online Commodities derivative financial instruments, Commodities derivative financial instrument. File 2011 tax return online Condemnations, Condemnations, Section 1231 transactions. File 2011 tax return online Conversion transactions, Conversion Transactions Copyrights, Copyright. File 2011 tax return online , Copyrights. File 2011 tax return online Covenant not to compete, Covenant not to compete. File 2011 tax return online D Debt cancellation, Cancellation of debt. File 2011 tax return online , Cancellation of debt. File 2011 tax return online Deferred exchange, Deferred Exchange Depreciable property Real, Depreciable real property. File 2011 tax return online Records, Depreciation Recapture Section 1245, Section 1245 property defined. File 2011 tax return online , Like-Kind Exchanges and Involuntary Conversions Section 1250, Section 1250 property defined. File 2011 tax return online Depreciation recapture Personal property, Section 1245 Property Real property, Section 1250 property defined. File 2011 tax return online E Easement, Easement. File 2011 tax return online Exchanges Deferred, Deferred Exchange Involuntary, Involuntary Conversions Like-kind, Like-Kind Exchanges, Like-Kind Exchanges and Involuntary Conversions Nontaxable, Nontaxable Exchanges Related persons, Related persons. File 2011 tax return online U. File 2011 tax return online S. File 2011 tax return online Treasury notes or bonds, U. File 2011 tax return online S. File 2011 tax return online Treasury Notes or Bonds F Fair market value, Fair market value. File 2011 tax return online Foreclosure, Foreclosures and Repossessions Form 1040 (Sch. File 2011 tax return online D), Schedule D and Form 8949 1099-A, Forms 1099-A and 1099-C. File 2011 tax return online , Forms 1099-A and 1099-C. File 2011 tax return online 1099-B, Form 1099-B. File 2011 tax return online 1099-C, Forms 1099-A and 1099-C. File 2011 tax return online , Forms 1099-A and 1099-C. File 2011 tax return online 1099-S, Form 1099-S. File 2011 tax return online 4797, Business property. File 2011 tax return online , Reporting the exchange. File 2011 tax return online , Form 4797 8594, Reporting requirement. File 2011 tax return online 8824, Reporting the exchange. File 2011 tax return online 8949, Forms to file. File 2011 tax return online , Personal-use property. File 2011 tax return online , Reporting the exchange. File 2011 tax return online , More information. File 2011 tax return online , Timber, Introduction, Form 1099-B. File 2011 tax return online , Personal-use property. File 2011 tax return online , Mark-to-market election. File 2011 tax return online Franchise, Franchise, Trademark, or Trade Name Free tax services, Free help with your tax return. File 2011 tax return online G Gains and losses Bargain sale, Bargain Sale Business property, Ordinary or Capital Gain or Loss for Business Property Defined, Gain or Loss From Sales and Exchanges Form 4797, Form 4797 Ordinary or capital, Ordinary or Capital Gain or Loss Property changed to business or rental use, Property Changed to Business or Rental Use Property used partly for rental, Property Used Partly for Business or Rental Reporting, Reporting Gains and Losses Gifts of property, Gifts, Gift. File 2011 tax return online Gold, Precious Metals and Stones, Stamps, and Coins H Hedging transactions, Hedging transaction. File 2011 tax return online Help (see Tax help) Holding period, Holding period. File 2011 tax return online Housing, low income, Low-income housing. File 2011 tax return online , Low-Income Housing With Two or More Elements I Indirect ownership of stock, Ownership of stock or partnership interests. File 2011 tax return online Information returns, Information Returns Inherited property, Inherited property. File 2011 tax return online Installment sales, Installment Sales, Installment sale. File 2011 tax return online Insurance policies, Insurance Policies and Annuities Intangible property, Dispositions of Intangible Property Involuntary conversion Defined, Involuntary Conversions Depreciable property, Like-Kind Exchanges and Involuntary Conversions Iron ore, Coal and Iron Ore L Land Release of restriction, Release of restriction on land. File 2011 tax return online Subdivision, Subdivision of Land Lease, cancellation of, Cancellation of a lease. File 2011 tax return online Liabilities, assumption, Liabilities. File 2011 tax return online Like-kind exchanges Deferred, Deferred Exchange Liabilities, assumed, Assumption of liabilities. File 2011 tax return online Like-class property, Like-Kind Property Like-kind property, Like-Kind Property Multiple parties, Multiple-party transactions. File 2011 tax return online Multiple property, Multiple Property Exchanges Partnership interests, Partnership Interests Qualifying property, Qualifying Property Related persons, Like-Kind Exchanges Between Related Persons Low-income housing, Low-income housing. File 2011 tax return online M Multiple property exchanges, Multiple Property Exchanges N Noncapital assets defined, Noncapital Assets Nontaxable exchanges Like-kind, Like-Kind Exchanges Other nontaxable exchanges, Other Nontaxable Exchanges Partially, Partially Nontaxable Exchanges Property exchanged for stock, Property Exchanged for Stock Notes, U. File 2011 tax return online S. File 2011 tax return online Treasury, U. File 2011 tax return online S. File 2011 tax return online Treasury Notes or Bonds O Ordinary or capital gain, Ordinary or Capital Gain or Loss P Partially nontaxable exchanges, Partially Nontaxable Exchanges Partnership Controlled, Controlled partnership transaction. File 2011 tax return online Related persons, Related persons. File 2011 tax return online , Controlled entity. File 2011 tax return online Sale or exchange of interest, Partnership Interests, Partnership interests. File 2011 tax return online , Partnership interests. File 2011 tax return online Patents, Patents Personal property Depreciable, Like-Kind Exchanges and Involuntary Conversions Gains and losses, Personal-use property. File 2011 tax return online Transfer at death, Transfers at Death Precious metals and stones, Precious Metals and Stones, Stamps, and Coins Property used partly for business or rental, Property Used Partly for Business or Rental, Part business or rental. File 2011 tax return online Publications (see Tax help) Publicly traded securities, rollover of gain from, Rollover of Gain From Publicly Traded Securities R Real property Depreciable, Depreciable real property. File 2011 tax return online Transfer at death, Transfers at Death Related persons, Sales and Exchanges Between Related Persons Condemned property replacement, bought from, Buying replacement property from a related person. File 2011 tax return online Gain on sale of property, Sales and Exchanges Between Related Persons Like-kind exchanges between, Like-Kind Exchanges Between Related Persons List, Related persons. File 2011 tax return online Loss on sale of property, Nondeductible Loss Patent transferred to, Related persons. File 2011 tax return online Replacement property, Replacement property. File 2011 tax return online , Replacement property to be produced. File 2011 tax return online Repossession, Foreclosures and Repossessions, Repossession. File 2011 tax return online Residual method, sale of business, Residual method. File 2011 tax return online Rollover of gain, Rollover of Gain From Publicly Traded Securities S Sale of a business, Sale of a Business Sales Bargain, charitable organization, Bargain sales to charity. File 2011 tax return online , Bargain sale to charity. File 2011 tax return online Installment, Installment Sales, Installment sale. File 2011 tax return online Property changed to business or rental use, Property Changed to Business or Rental Use Related persons, Sales and Exchanges Between Related Persons, Related persons. File 2011 tax return online Section 1231 gains and losses, Section 1231 Gains and Losses Section 1245 property Defined, Section 1245 Property Gain, ordinary income, Gain Treated as Ordinary Income Multiple asset accounts, Multiple asset accounts. File 2011 tax return online Section 1250 property Additional depreciation, Additional Depreciation Defined, Section 1250 property defined. File 2011 tax return online Foreclosure, Foreclosure. File 2011 tax return online Gain, ordinary income, Gain Treated as Ordinary Income Nonresidential, Nonresidential real property. File 2011 tax return online Residential, Residential rental property. File 2011 tax return online Section 197 intangibles, Section 197 Intangibles Severance damages, Severance damages. File 2011 tax return online Silver, Precious Metals and Stones, Stamps, and Coins Small business stock, Gains on Sales of Qualified Small Business Stock Specialized small business investment company (SSBIC), rollover of gain into, Rollover of Gain From Publicly Traded Securities Stamps, Precious Metals and Stones, Stamps, and Coins Stock Capital asset, Capital Assets Controlling interest, corporation, Controlling interest in a corporation. File 2011 tax return online Indirect ownership, Ownership of stock or partnership interests. File 2011 tax return online Property exchanged for, Property Exchanged for Stock Publicly traded securities, Rollover of Gain From Publicly Traded Securities Small business, Gains on Sales of Qualified Small Business Stock Suggestions, Comments and suggestions. File 2011 tax return online T Tax help, How To Get Tax Help Tax rates, capital gain, Capital Gains Tax Rates Thefts, Section 1231 transactions. File 2011 tax return online Timber, Timber, Section 1231 transactions. File 2011 tax return online Trade name, Franchise, Trademark, or Trade Name Trademark, Franchise, Trademark, or Trade Name Transfers to spouse, Transfers to Spouse U U. File 2011 tax return online S. File 2011 tax return online Treasury bonds, U. File 2011 tax return online S. File 2011 tax return online Treasury Notes or Bonds Unharvested crops, Section 1231 transactions. File 2011 tax return online Prev  Up     Home   More Online Publications