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Free State Tax Online Filing

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Free State Tax Online Filing

Free state tax online filing Publication 510 - Introductory Material Table of Contents What's New Reminders Introduction Useful Items - You may want to see: Excise Taxes Not Covered What's New Medical device excise tax. Free state tax online filing  The Affordable Care Act (the “Act”) (Public Law 111-148, amended by Public Law 111-152) imposes a 2. Free state tax online filing 3% (. Free state tax online filing 023) excise tax on the sale of certain medical devices by the manufacturer, producer, or importer of the device. Free state tax online filing The tax applies to sales of taxable medical devices after December 31, 2012. Free state tax online filing See Taxable Medical Devices in chapter 5, later. Free state tax online filing Tax on seasonal flu vaccines. Free state tax online filing  Sales of all vaccines against seasonal influenza are now subject to the section 4131 excise tax at the existing rate of $. Free state tax online filing 75 per dose of taxable vaccine. Free state tax online filing Previously, only trivalent influenza vaccines were subject to this tax. Free state tax online filing See Vaccines in chapter 5, later. Free state tax online filing Patient-centered outcomes research fee. Free state tax online filing  The Act imposes a fee on issuers of specified health insurance policies (section 4375) and plan sponsors of applicable self-insured health plans (section 4576) to help fund the Patient-Centered Outcomes Research Institute. Free state tax online filing The fee, required to be reported annually on the 2nd quarter Form 720 and paid by its due date, July 31st, is based on the average number of lives covered under the policy or plan. Free state tax online filing The fee applies to policy or plan years ending on or after October 1, 2012. Free state tax online filing See chapter 11, later. Free state tax online filing Extension of fuel tax credits. Free state tax online filing  The following section 6426 credits, previously expired on December 31, 2011, are retroactively extended. Free state tax online filing Biodiesel or renewable diesel mixture credit. Free state tax online filing Alternative fuel credit. Free state tax online filing Alternative fuel mixture credit. Free state tax online filing See Notice 2013–26 (fuel tax credits) on page 984 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2013–18 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb13-18. Free state tax online filing pdf; also see chapter 2, later. Free state tax online filing Alternative fuel mixture credit can be claimed on Schedule C (Form 720) only. Free state tax online filing  For alternative fuel mixtures produced after December 31, 2011, the section 6426 alternative fuel mixture credit can be claimed on Schedule C (Form 720) only, not on Form 4136, Credit for Federal Tax Paid on Fuels, or Schedule 3 (Form 8849), Claim for Refund of Excise Taxes, and only to the extent of your section 4081 taxable fuel liability for gasoline, diesel, and kerosene. Free state tax online filing See Biodiesel or Renewable Diesel Mixture Credit, Alternative Fuel Credit, and Alternative Fuel Mixture Credit in chapter 2, later. Free state tax online filing Expiration of alcohol fuel mixture credit. Free state tax online filing  The section 6426 alcohol fuel mixture credit expired after December 31, 2011. Free state tax online filing Expiration of alcohol fuels credits. Free state tax online filing  The section 40 alcohol, alcohol mixture, and small ethanol producer credits expired after December 31, 2011. Free state tax online filing Second generation biofuel producer credit and excise tax. Free state tax online filing  The section 40 cellulosic biofuel producer credit was retroactively extended to include fuel sold or used through January 2, 2013. Free state tax online filing After January 2, 2013, cellulosic biofuel is renamed second generation biofuel, which adds algae-based fuel. Free state tax online filing The second generation biofuel producer credit is for fuel sold or used after January 2, 2013, and before January 1, 2014. Free state tax online filing You are liable for an excise tax on each gallon of cellulosic or second generation biofuel at the rate you used to figure the credit if you do not use the fuel for the purposes described under Qualified Cellulosic Biofuel Production or Qualified Second Generation Biofuel Production, later. Free state tax online filing Report the tax on Form 720. Free state tax online filing See Cellulosic or Second Generation Biofuel Not Used as Fuel, later; also see Form 6478, Biofuel Producer Credit, for more information. Free state tax online filing Extension of section 40A biodiesel fuels credit. Free state tax online filing  The biodiesel fuels credit, previously expired on December 31, 2011, is retroactively extended. Free state tax online filing Future developments. Free state tax online filing  The IRS has created a page on IRS. Free state tax online filing gov that includes information about Publication 510 at www. Free state tax online filing irs. Free state tax online filing gov/pub510. Free state tax online filing Information about any future developments will be posted on that page. Free state tax online filing Reminders Publication 510 updates. Free state tax online filing  Publication 510 is not updated annually. Free state tax online filing Instead, it will be updated only when there are major changes in the tax law. Free state tax online filing Use of international air travel facilities. Free state tax online filing  Generally, the tax on the use of international air travel facilities increases annually. Free state tax online filing See the Instructions for Form 720 for the tax rate. Free state tax online filing For more information, see Air Transportation Taxes in chapter 4. Free state tax online filing Aviation fuels for use in foreign trade. Free state tax online filing  Aviation gasoline and kerosene for use in aviation are exempt from the leaking underground storage tank (LUST) tax. Free state tax online filing Arrow shafts, tax rate. Free state tax online filing  Generally, the tax on arrow shafts increases annually. Free state tax online filing See Form 720 for the tax rate. Free state tax online filing Disregarded entities and qualified subchapter S subsidiaries. Free state tax online filing  Qualified subchapter S subsidiaries (QSubs) and eligible single-owner disregarded entities are treated as separate entities for excise tax and reporting purposes. Free state tax online filing QSubs and eligible single-owner disregarded entities must pay and report excise taxes (other than IRS Nos. Free state tax online filing 31, 51, and 117), register for most excise tax activities, and claim any refunds, credits, and payments under the entity's employer identification number (EIN). Free state tax online filing These actions cannot take place under the owner's taxpayer identification number (TIN). Free state tax online filing Some QSubs and disregarded entities may already have an EIN. Free state tax online filing However, if you are unsure, please call the IRS Business and Specialty Tax line at 1-800-829-4933. Free state tax online filing Generally, QSubs and eligible single-owner disregarded entities will continue to be treated as disregarded entities for other federal tax purposes (other than employment taxes). Free state tax online filing For more information on these regulations, see Treasury Decision (T. Free state tax online filing D. Free state tax online filing ) 9356, T. Free state tax online filing D. Free state tax online filing 9462, and T. Free state tax online filing D. Free state tax online filing 9596. Free state tax online filing You can find T. Free state tax online filing D. Free state tax online filing 9356 on page 675 of Internal Revenue Bulletin (I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing ) 2007-39 at  www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb07-39. Free state tax online filing pdf;  T. Free state tax online filing D. Free state tax online filing 9462 on page 504 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2009-42 at  www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb09-42. Free state tax online filing pdf;  and T. Free state tax online filing D. Free state tax online filing 9596 on page 84 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2012-30 at  www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb12-30. Free state tax online filing pdf. Free state tax online filing Registration for certain activities. Free state tax online filing  You are required to be registered for certain excise tax activities, such as blending of gasoline, diesel fuel, or kerosene outside the bulk transfer/terminal system. Free state tax online filing See the instructions for Form 637 for the list of activities for which you must register. Free state tax online filing Also see Registration Requirements under Fuel Taxes in chapter 1 for information on registration for activities related to fuel. Free state tax online filing Each business unit that has, or is required to have, a separate employer identification number must be registered. Free state tax online filing To apply for registration, complete Form 637 and provide the information requested in its instructions. Free state tax online filing If your application is approved, you will receive a Letter of Registration showing the activities for which you are registered, the effective date of the registration, and your registration number. Free state tax online filing A copy of Form 637 is not a Letter of Registration. Free state tax online filing Photographs of missing children. Free state tax online filing  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Free state tax online filing Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Free state tax online filing You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Free state tax online filing Introduction This publication covers the excise taxes for which you may be liable and which are reported on Form 720 and other forms. Free state tax online filing It also covers fuel tax credits and refunds. Free state tax online filing For information on fuel credits against income tax (the section 40 credits for the production of cellulosic biofuel and second generation biofuel, and the section 40A credit for biodiesel and renewable diesel used as fuel) see the instructions for Form 6478 and Form 8864, Biodiesel and Renewable Diesel Fuels Credit. Free state tax online filing Comments and suggestions. Free state tax online filing   We welcome your comments about this publication and your suggestions for future editions. Free state tax online filing   You can write to us at the following address: Internal Revenue Service Individual and Specialty Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Free state tax online filing NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Free state tax online filing Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Free state tax online filing   You can email us at taxforms@irs. Free state tax online filing gov. Free state tax online filing Please put “Publications Comment” on the subject line. Free state tax online filing You can also send us comments from www. Free state tax online filing irs. Free state tax online filing gov/Forms-&-Pubs/More-Information/ and select “Comment on Tax Forms and Publications”. Free state tax online filing   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. Free state tax online filing Useful Items - You may want to see: Publication 509 Tax Calendars Form (and Instructions) 11-C Occupational Tax and Registration Return for Wagering 637 Application for Registration (For Certain Excise Tax Activities) 720 Quarterly Federal Excise Tax Return 720X Amended Quarterly Federal Excise Tax Return 730 Monthly Tax Return for Wagers 1363 Export Exemption Certificate 2290 Heavy Highway Vehicle Use Tax Return 2290(SP) Declaración del Impuesto sobre el Uso de Vehículos Pesados en las Carreteras 4136 Credit for Federal Tax Paid on Fuels 6197 Gas Guzzler Tax 6478 Biofuel Producer Credit 6627 Environmental Taxes 8849 Claim for Refund of Excise Taxes, and Schedules 1–3, 5, 6, and 8 8864 Biodiesel and Renewable Diesel Fuels Credit Information Returns    Form 720-TO, Terminal Operator Report Form 720-CS, Carrier Summary Report   See How To Get Tax Help in chapter 17 for information about ordering forms and publications. Free state tax online filing Guidance    You can find Notice 2005-4 (fuel tax guidance) on page 289 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2005-2 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb05-02. Free state tax online filing pdf. Free state tax online filing Notice 2005-62 (biodiesel and aviation-grade kerosene) on page 443 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2005-35 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb05-35. Free state tax online filing pdf. Free state tax online filing Notice 2005-80 (LUST, kerosene, claims by credit card issuers, and mechanical dye injection) on page 953 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2005-46 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb05-46. Free state tax online filing pdf. Free state tax online filing Notice 2006-92 (alternative fuels and alternative fuel mixtures) on page 774 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2006-43 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb06-43. Free state tax online filing pdf. Free state tax online filing Notice 2008-110 (biodiesel and cellulosic biofuel) on page 1298 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2008-51 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb08-51. Free state tax online filing pdf. Free state tax online filing Notice 2010-68 (Alaska dyed diesel exemption) on page 576 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2010-44 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb10-44. Free state tax online filing pdf. Free state tax online filing Notice 2012-27 (fractional aircraft ownership programs fuel surtax) on page 849 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2012-17 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb12-17. Free state tax online filing pdf. Free state tax online filing Notice 2013-26 (fuel tax credits) on page 984 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2013-18 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb13-18. Free state tax online filing pdf. Free state tax online filing T. Free state tax online filing D. Free state tax online filing 9604 and Notice 2012–77 (medical device tax) on pages 730 and 781, respectively, of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2012-52 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb12-52. Free state tax online filing pdf. Free state tax online filing T. Free state tax online filing D. Free state tax online filing 9602 (patient-centered outcomes research fee) on page 746 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2012-52 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb12-52. Free state tax online filing pdf. Free state tax online filing Revenue Procedure 2012-41 (inflation adjustments) on page 539 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2012-45 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb12-45. Free state tax online filing pdf. Free state tax online filing T. Free state tax online filing D. Free state tax online filing 9621 (indoor tanning services tax) on page 49 of I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 2013-28 at www. Free state tax online filing irs. Free state tax online filing gov/pub/irs-irbs/irb13-28. Free state tax online filing pdf. Free state tax online filing Excise Taxes Not Covered In addition to the taxes discussed in this publication, you may have to report certain other excise taxes. Free state tax online filing For tax forms relating to alcohol, firearms, and tobacco, visit the Alcohol and Tobacco Tax and Trade Bureau website at www. Free state tax online filing ttb. Free state tax online filing gov. Free state tax online filing Heavy highway vehicle use tax. Free state tax online filing   You report the federal excise tax on the use of certain trucks, truck tractors, and buses used on public highways on Form 2290, Heavy Highway Vehicle Use Tax Return. Free state tax online filing The tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. Free state tax online filing Vans, pickup trucks, panel trucks, and similar trucks generally are not subject to this tax. Free state tax online filing Note. Free state tax online filing A Spanish version (Formulario 2290(SP)) is also available. Free state tax online filing See How To Get Tax Help in chapter 17. Free state tax online filing Registration of vehicles. Free state tax online filing   Generally, you must prove that you paid your heavy highway vehicle use tax to register your taxable vehicle with your state motor vehicle department or to enter the United States in a Canadian or Mexican registered taxable vehicle. Free state tax online filing Generally, a copy of Schedule 1 (Form 2290) is stamped by the IRS and returned to you as proof of payment. Free state tax online filing    If you have questions on Form 2290, see its separate instructions, or you can call the Form 2290 call site at 1-866-699-4096 (toll free) from the United States, and 1-859-669-5733 (not toll free) from Canada and Mexico. Free state tax online filing The hours of service are 8:00 a. Free state tax online filing m. Free state tax online filing to 6:00 p. Free state tax online filing m. Free state tax online filing Eastern time. Free state tax online filing Wagering tax and occupational tax. Free state tax online filing   The information on wagering tax can be found in the instructions for Form 730, Tax on Wagering, and Form 11-C, Occupational Tax and Registration Return for Wagering. Free state tax online filing Prev  Up  Next   Home   More Online Publications
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IRS Bars Appraisers from Valuing Facade Easements for Federal Tax Purposes for Five Years

IR-2014-31, March 19, 2014

WASHINGTON — The Internal Revenue Service today announced its Office of Professional Responsibility (OPR) has entered into a settlement agreement with a group of appraisers from the same firm accused of aiding in the understatement of federal tax liabilities by overvaluing facade easements for charitable donation purposes.

Under the settlement agreement, the appraisers admitted to violating relevant sections of Circular 230 related to due diligence and submitting accurate documents to the government.

The appraisers agreed to a five-year suspension of valuing facade easements and undertaking any appraisal services that could subject them to penalties under the Internal Revenue Code. The appraisers also agreed to abide by all applicable provisions of Circular 230.

“Appraisers need to understand that they are subject to Circular 230, and must exercise due diligence in the preparation of documents relating to federal tax matters,” said Karen L. Hawkins, Director of OPR. “Taxpayers expect advice rendered with competence and diligence that goes beyond the mere mechanical application of a rule of thumb based on conjecture and unsupported conclusions.”

Failure to comply with terms of the settlement would result in the appraiser’s disqualification, which would include a ban from presenting any evidence or testimony in administrative proceedings before the Department of the Treasury, and renders any appraisal given after disqualification without probative effect.

The appraisers prepared reports valuing facade easements donated over several tax years. On behalf of each donating taxpayer, an appraiser completed Part III, Declaration of Appraiser, of Form 8283, Noncash Charitable Contributions, certifying that the appraiser did not fraudulently or falsely overstate the value of such facade easement. In valuing the facade easements, the appraisers applied a flat percentage diminution, generally 15 percent, to the fair market values of the underlying properties prior to the easement’s donation.

Specifically, the appraisers admitted violating Circular 230, Section 10.22(a)(1), for failing to exercise due diligence in the preparation of documents relating to IRS matters, and Section 10.22(a)(2) for failing to determine the correctness of written representations made to the Department of the Treasury.

OPR’s settlement agreement with the appraisers includes a disclosure authorization that allows this press release.

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The Free State Tax Online Filing

Free state tax online filing Internal Revenue Bulletin:  2013-12  March 18, 2013  Rev. Free state tax online filing Proc. Free state tax online filing 2013-21 Table of Contents SECTION 1. Free state tax online filing PURPOSE SECTION 2. Free state tax online filing BACKGROUND SECTION 3. Free state tax online filing SCOPE SECTION 4. Free state tax online filing APPLICATION. Free state tax online filing 01 Limitations on Depreciation Deductions for Certain Automobiles. Free state tax online filing . Free state tax online filing 02 Inclusions in Income of Lessees of Passenger Automobiles. Free state tax online filing SECTION 5. Free state tax online filing EFFECTIVE DATE SECTION 6. Free state tax online filing DRAFTING INFORMATION SECTION 1. Free state tax online filing PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2013, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2013, including a separate table of inclusion amounts for lessees of trucks and vans. Free state tax online filing The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Free state tax online filing SECTION 2. Free state tax online filing BACKGROUND . Free state tax online filing 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Free state tax online filing For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Free state tax online filing The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Free state tax online filing This change reflects the higher rate of price inflation for trucks and vans since 1988. Free state tax online filing . Free state tax online filing 02 Section 331(a) of the American Taxpayer Relief Act of 2012, Pub. Free state tax online filing L. Free state tax online filing No. Free state tax online filing 112-240, 126 Stat. Free state tax online filing 2313 (Jan. Free state tax online filing 2, 2013) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2014, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2014. Free state tax online filing Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Free state tax online filing . Free state tax online filing 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Free state tax online filing Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Free state tax online filing Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2012, that is round 3 extension property (as defined in § 168(k)(4)(J)(iv)). Free state tax online filing Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Free state tax online filing This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer: (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2013 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Free state tax online filing . Free state tax online filing 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Free state tax online filing The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Free state tax online filing Under § 1. Free state tax online filing 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Free state tax online filing One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Free state tax online filing Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Free state tax online filing SECTION 3. Free state tax online filing SCOPE . Free state tax online filing 01 The limitations on depreciation deductions in section 4. Free state tax online filing 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2013, and continue to apply for each taxable year that the passenger automobile remains in service. Free state tax online filing . Free state tax online filing 02 The tables in section 4. Free state tax online filing 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2013. Free state tax online filing Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Free state tax online filing See Rev. Free state tax online filing Proc. Free state tax online filing 2008-22, 2008-1 C. Free state tax online filing B. Free state tax online filing 658, for passenger automobiles first leased during calendar year 2008; Rev. Free state tax online filing Proc. Free state tax online filing 2009-24, 2009-17 I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 885, for passenger automobiles first leased during calendar year 2009; Rev. Free state tax online filing Proc. Free state tax online filing 2010-18, 2010-09 I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 427, as amplified and modified by section 4. Free state tax online filing 03 of Rev. Free state tax online filing Proc. Free state tax online filing 2011-21, 2011-12 I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 560, for passenger automobiles first leased during calendar year 2010; Rev. Free state tax online filing Proc. Free state tax online filing 2011-21, for passenger automobiles first leased during calendar year 2011; and Rev. Free state tax online filing Proc. Free state tax online filing 2012-23, 2012-14 I. Free state tax online filing R. Free state tax online filing B. Free state tax online filing 712, for passenger automobiles first leased during calendar year 2012. Free state tax online filing SECTION 4. Free state tax online filing APPLICATION . Free state tax online filing 01 Limitations on Depreciation Deductions for Certain Automobiles. Free state tax online filing (1) Amount of the inflation adjustment. Free state tax online filing (a) Passenger automobiles (other than trucks or vans). Free state tax online filing Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Free state tax online filing Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Free state tax online filing The new car component of the CPI was 115. Free state tax online filing 2 for October 1987 and 143. Free state tax online filing 787 for October 2012. Free state tax online filing The October 2012 index exceeded the October 1987 index by 28. Free state tax online filing 587. Free state tax online filing Therefore, the automobile price inflation adjustment for 2013 for passenger automobiles (other than trucks and vans) is 24. Free state tax online filing 8 percent (28. Free state tax online filing 587/115. Free state tax online filing 2 x 100%). Free state tax online filing The dollar limitations in § 280F(a) are multiplied by a factor of 0. Free state tax online filing 248, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2013. Free state tax online filing This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2013. Free state tax online filing (b) Trucks and vans. Free state tax online filing To determine the dollar limitations for trucks and vans first placed in service during calendar year 2013, the Service uses the new truck component of the CPI instead of the new car component. Free state tax online filing The new truck component of the CPI was 112. Free state tax online filing 4 for October 1987 and 149. Free state tax online filing 386 for October 2012. Free state tax online filing The October 2012 index exceeded the October 1987 index by 36. Free state tax online filing 986. Free state tax online filing Therefore, the automobile price inflation adjustment for 2013 for trucks and vans is 32. Free state tax online filing 9 percent (36. Free state tax online filing 986/112. Free state tax online filing 4 x 100%). Free state tax online filing The dollar limitations in § 280F(a) are multiplied by a factor of 0. Free state tax online filing 329, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Free state tax online filing This adjustment applies to all trucks and vans that are first placed in service in calendar year 2013. Free state tax online filing (2) Amount of the limitation. Free state tax online filing Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2013. Free state tax online filing Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction applies. Free state tax online filing Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2013 for which the § 168(k) additional first year depreciation deduction does not apply. Free state tax online filing REV. Free state tax online filing PROC. Free state tax online filing 2013-21 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Free state tax online filing PROC. Free state tax online filing 2013-21 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 REV. Free state tax online filing PROC. Free state tax online filing 2013-21 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Free state tax online filing PROC. Free state tax online filing 2013-21 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2013 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,400 3rd Tax Year $3,250 Each Succeeding Year $1,975 . Free state tax online filing 02 Inclusions in Income of Lessees of Passenger Automobiles. Free state tax online filing A taxpayer must follow the procedures in § 1. Free state tax online filing 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2013. Free state tax online filing In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Free state tax online filing REV. Free state tax online filing PROC. Free state tax online filing 2013-21 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 2 4 6 7 8 19,500 20,000 2 5 6 9 9 20,000 20,500 2 5 8 9 11 20,500 21,000 3 6 8 10 12 21,000 21,500 3 6 10 11 13 21,500 22,000 3 7 10 13 14 22,000 23,000 4 8 11 14 16 23,000 24,000 4 9 14 16 18 24,000 25,000 5 10 15 18 21 25,000 26,000 5 12 16 21 23 26,000 27,000 6 12 19 23 25 27,000 28,000 6 14 20 25 28 28,000 29,000 7 15 22 27 30 29,000 30,000 7 16 24 29 33 30,000 31,000 8 17 26 31 35 31,000 32,000 8 19 27 33 38 32,000 33,000 9 20 29 35 40 33,000 34,000 10 21 31 37 43 34,000 35,000 10 22 33 39 45 35,000 36,000 11 23 35 41 48 36,000 37,000 11 25 36 43 50 37,000 38,000 12 26 38 45 53 38,000 39,000 12 27 40 47 55 39,000 40,000 13 28 42 49 58 40,000 41,000 13 29 44 52 59 41,000 42,000 14 30 45 54 63 42,000 43,000 14 32 47 56 64 43,000 44,000 15 33 48 59 67 44,000 45,000 15 34 51 60 69 45,000 46,000 16 35 52 63 72 46,000 47,000 17 36 54 65 74 47,000 48,000 17 38 55 67 77 48,000 49,000 18 39 57 69 79 49,000 50,000 18 40 59 71 82 50,000 51,000 19 41 61 73 84 51,000 52,000 19 42 63 75 87 52,000 53,000 20 43 65 77 89 53,000 54,000 20 45 66 79 92 54,000 55,000 21 46 68 81 94 55,000 56,000 21 47 70 84 96 56,000 57,000 22 48 72 85 99 57,000 58,000 22 50 73 88 101 58,000 59,000 23 51 75 90 103 59,000 60,000 24 52 76 92 106 60,000 62,000 24 54 79 95 110 62,000 64,000 25 56 83 99 115 64,000 66,000 27 58 87 103 120 66,000 68,000 28 60 90 108 125 68,000 70,000 29 63 93 112 130 70,000 72,000 30 65 97 117 134 72,000 74,000 31 68 100 121 139 74,000 76,000 32 70 104 125 144 76,000 78,000 33 73 107 129 149 78,000 80,000 34 75 111 133 154 80,000 85,000 36 79 117 141 162 85,000 90,000 39 85 126 151 174 90,000 95,000 41 91 135 162 186 95,000 100,000 44 97 144 172 199 100,000 110,000 48 106 157 188 217 110,000 120,000 53 118 174 210 241 120,000 130,000 59 129 193 230 266 130,000 140,000 64 141 210 252 290 140,000 150,000 70 153 227 273 315 150,000 160,000 75 165 245 294 339 160,000 170,000 80 177 263 315 363 170,000 180,000 86 189 280 336 388 180,000 190,000 91 201 298 357 412 190,000 200,000 97 212 316 378 436 200,000 210,000 102 224 333 400 461 210,000 220,000 107 236 351 420 486 220,000 230,000 113 248 368 442 509 230,000 240,000 118 260 386 463 534 240,000 And up 124 272 403 484 558 REV. Free state tax online filing PROC. Free state tax online filing 2013-21 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2013 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & later $19,000 $19,500 1 3 4 5 6 19,500 20,000 2 3 5 6 7 20,000 20,500 2 4 6 7 8 20,500 21,000 2 5 7 8 9 21,000 21,500 2 5 8 9 11 21,500 22,000 3 6 8 10 12 22,000 23,000 3 7 10 11 14 23,000 24,000 4 8 11 14 16 24,000 25,000 4 9 14 16 18 25,000 26,000 5 10 15 18 21 26,000 27,000 5 12 17 20 23 27,000 28,000 6 13 18 23 25 28,000 29,000 6 14 20 25 28 29,000 30,000 7 15 22 27 30 30,000 31,000 7 16 24 29 33 31,000 32,000 8 17 26 31 35 32,000 33,000 8 19 27 33 38 33,000 34,000 9 20 29 35 41 34,000 35,000 10 21 31 37 43 35,000 36,000 10 22 33 39 46 36,000 37,000 11 23 35 41 48 37,000 38,000 11 25 36 43 51 38,000 39,000 12 26 38 45 53 39,000 40,000 12 27 40 48 55 40,000 41,000 13 28 42 49 58 41,000 42,000 13 29 44 52 60 42,000 43,000 14 30 46 54 62 43,000 44,000 14 32 47 56 65 44,000 45,000 15 33 48 59 67 45,000 46,000 15 34 51 60 70 46,000 47,000 16 35 52 63 72 47,000 48,000 17 36 54 65 74 48,000 49,000 17 38 55 67 77 49,000 50,000 18 39 57 69 79 50,000 51,000 18 40 59 71 82 51,000 52,000 19 41 61 73 84 52,000 53,000 19 42 63 75 87 53,000 54,000 20 43 65 77 89 54,000 55,000 20 45 66 80 91 55,000 56,000 21 46 68 81 94 56,000 57,000 21 47 70 84 96 57,000 58,000 22 48 72 86 98 58,000 59,000 22 50 73 88 101 59,000 60,000 23 51 75 90 103 60,000 62,000 24 52 78 93 108 62,000 64,000 25 55 81 97 113 64,000 66,000 26 57 85 101 118 66,000 68,000 27 60 88 106 122 68,000 70,000 28 62 92 110 127 70,000 72,000 29 64 96 114 132 72,000 74,000 30 67 99 118 137 74,000 76,000 31 69 103 122 142 76,000 78,000 32 72 105 127 147 78,000 80,000 34 73 110 131 151 80,000 85,000 35 78 116 138 160 85,000 90,000 38 84 124 149 172 90,000 95,000 41 90 133 160 184 95,000 100,000 44 95 142 171 196 100,000 110,000 48 104 156 186 214 110,000 120,000 53 116 173 207 240 120,000 130,000 58 128 191 228 264 130,000 140,000 64 140 208 249 288 140,000 150,000 69 152 226 270 313 150,000 160,000 75 164 243 292 336 160,000 170,000 80 176 261 312 361 170,000 180,000 85 188 278 334 386 180,000 190,000 91 199 296 355 410 190,000 200,000 96 211 314 376 434 200,000 210,000 101 223 332 397 459 210,000 220,000 107 235 349 418 483 220,000 230,000 112 247 367 439 507 230,000 240,000 118 259 384 460 532 240,000 And up 123 271 401 482 556 SECTION 5. Free state tax online filing EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2013. Free state tax online filing SECTION 6. Free state tax online filing DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Free state tax online filing Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Free state tax online filing For further information regarding this revenue procedure, contact Mr. Free state tax online filing Harvey at (202) 622-4930 (not a toll-free call). Free state tax online filing Prev  Up  Next   Home   More Internal Revenue Bulletins