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Irs File 2012 Taxes

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Irs File 2012 Taxes

Irs file 2012 taxes Publication 536 - Introductory Material Table of Contents Reminders IntroductionOrdering forms and publications. Irs file 2012 taxes Tax questions. Irs file 2012 taxes Useful Items - You may want to see: Reminders Future developments. Irs file 2012 taxes  For the latest developments related to Publication 536, such as legislation enacted after we release it, go to www. Irs file 2012 taxes irs. Irs file 2012 taxes gov/pub536. Irs file 2012 taxes Photographs of missing children. Irs file 2012 taxes  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Irs file 2012 taxes Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs file 2012 taxes 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. Irs file 2012 taxes Introduction If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). Irs file 2012 taxes An NOL year is the year in which an NOL occurs. Irs file 2012 taxes You can use an NOL by deducting it from your income in another year or years. Irs file 2012 taxes What this publication covers. Irs file 2012 taxes   This publication discusses NOLs for individuals, estates, and trusts. Irs file 2012 taxes It covers: How to figure an NOL, When to use an NOL, How to claim an NOL deduction, and How to figure an NOL carryover. Irs file 2012 taxes To have an NOL, your loss must generally be caused by deductions from your: Trade or business, Work as an employee, Casualty and theft losses, Moving expenses, or Rental property. Irs file 2012 taxes A loss from operating a business is the most common reason for an NOL. Irs file 2012 taxes Partnerships and S corporations generally cannot use an NOL. Irs file 2012 taxes However, partners or shareholders can use their separate shares of the partnership's or S corporation's business income and business deductions to figure their individual NOLs. Irs file 2012 taxes Keeping records. Irs file 2012 taxes   You should keep records for any tax year that generates an NOL for 3 years after you have used the carryback/carryforward or 3 years after the carryforward expires. Irs file 2012 taxes    You should attach all required documents to the Form 1045 or Form 1040X. Irs file 2012 taxes For details, see the instructions for Form 1045 or Form 1040X. Irs file 2012 taxes What is not covered in this publication?   The following topics are not covered in this publication. Irs file 2012 taxes Bankruptcies. Irs file 2012 taxes See Publication 908, Bankruptcy Tax Guide. Irs file 2012 taxes NOLs of corporations. Irs file 2012 taxes See Publication 542, Corporations. Irs file 2012 taxes Section references. Irs file 2012 taxes   Section references are to the Internal Revenue Code unless otherwise noted. Irs file 2012 taxes Comments and suggestions. Irs file 2012 taxes   We welcome your comments about this publication and your suggestions for future editions. Irs file 2012 taxes   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs file 2012 taxes NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs file 2012 taxes Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs file 2012 taxes   You can send your comments from www. Irs file 2012 taxes irs. Irs file 2012 taxes gov/formspubs/. Irs file 2012 taxes Click on “More Information. Irs file 2012 taxes ” and then on “Comment on Tax Forms and Publications. Irs file 2012 taxes ”   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. Irs file 2012 taxes Ordering forms and publications. Irs file 2012 taxes   Visit www. Irs file 2012 taxes irs. Irs file 2012 taxes gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Irs file 2012 taxes Internal Revenue Service 1201 N. Irs file 2012 taxes Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs file 2012 taxes   If you have a tax question, check the information available on IRS. Irs file 2012 taxes gov or call 1-800-829-1040. Irs file 2012 taxes We cannot answer tax questions sent to either of the above addresses. Irs file 2012 taxes Useful Items - You may want to see: Form (and Instructions) 1040X Amended U. Irs file 2012 taxes S. Irs file 2012 taxes Individual Income Tax Return 1045 Application for Tentative Refund   See How To Get Tax Help near the end of this publication for information about getting these forms. Irs file 2012 taxes Prev  Up  Next   Home   More Online Publications
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Tax Relief for Victims of Hurricane Sandy in Connecticut

CT-2012-48, Nov. 7, 2012

NEW YORK — Victims of Hurricane Sandy that began on Oct. 27, 2012 in parts of Connecticut may qualify for tax relief from the Internal Revenue Service.

The President has declared Fairfield, Middlesex, New Haven and New London counties and the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation located within New London County a federal disaster area. Individuals who reside or have a business in these counties may qualify for tax relief.

The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Oct. 27, and on or before Feb. 1, have been postponed to Feb. 1, 2013.  

In addition, the IRS is waiving the failure-to-deposit penalties for employment and excise tax deposits due on or after Oct. 27, and on or before Nov. 26, as long as the deposits are made by Nov. 26, 2012.

If an affected taxpayer receives a penalty notice from the IRS, the taxpayer should call the telephone number on the notice to have the IRS abate any interest and any late filing or late payment penalties that would otherwise apply. Penalties or interest will be abated only for taxpayers who have an original or extended filing, payment or deposit due date, including an extended filing or payment due date, that falls within the postponement period.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area need to call the IRS disaster hotline at 866-562-5227 to request this tax relief.

For a full description of the relief being provided by the IRS to the victims of Hurricane Sandy, visit IRS.gov.

Covered Disaster Area

The counties above constitute a covered disaster area for purposes of Treas. Reg. § 301.7508A-1(d)(2) and are entitled to the relief detailed below.

Affected Taxpayers

Taxpayers considered to be affected taxpayers eligible for the postponement of time to file returns, pay taxes and perform other time-sensitive acts are those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses whose principal place of business is located, in the covered disaster area. Taxpayers not in the covered disaster area, but whose records necessary to meet a deadline listed in Treas. Reg. § 301.7508A-1(c) are in the covered disaster area, are also entitled to relief. In addition, all relief workers affiliated with a recognized government or philanthropic organization assisting in the relief activities in the covered disaster area and any individual visiting the covered disaster area who was killed or injured as a result of the disaster are entitled to relief.

Grant of Relief

Under section 7508A, the IRS gives affected taxpayers until Feb. 1 to file most tax returns (including individual, corporate, and estate and trust income tax returns; partnership returns, S corporation returns, and trust returns; estate, gift, and generation-skipping transfer tax returns; and employment and certain excise tax returns), or to make tax payments, including estimated tax payments, that have either an original or extended due date occurring on or after Oct. 27 and on or before Feb. 1.

The IRS also gives affected taxpayers until Feb. 1 to perform other time-sensitive actions described in Treas. Reg. § 301.7508A-1(c)(1) and Rev. Proc. 2007-56, 2007-34 I.R.B. 388 (Aug. 20, 2007), that are due to be performed on or after Oct. 27 and on or before Feb. 1.

This relief also includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev. Proc. 2007-56. The relief described in section 17 of Rev. Proc. 2007-56, pertaining to like-kind exchanges of property, also applies to certain taxpayers who are not otherwise affected taxpayers and may include acts required to be performed before or after the period above.

The postponement of time to file and pay does not apply to information returns in the W-2, 1098, 1099 series, or to Forms 1042-S or 8027. Penalties for failure to timely file information returns can be waived under existing procedures for reasonable cause. Likewise, the postponement does not apply to employment and excise tax deposits. The IRS, however, will abate penalties for failure to make timely employment and excise tax deposits due on or after Oct. 27 and on or before Nov. 26 provided the taxpayer makes these deposits by Nov. 26.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. Claiming the loss on an original or amended return for last year will get the taxpayer an earlier refund, but waiting to claim the loss on this year’s return could result in a greater tax saving, depending on other income factors.

Individuals may deduct personal property losses that are not covered by insurance or other reimbursements. For details, see Form 4684 and its instructions.

Affected taxpayers claiming the disaster loss on last year’s return should put the Disaster Designation “Connecticut/Hurricane Sandy” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Taxpayers may download forms and publications from the official IRS website, irs.gov, or order them by calling 800-TAX-FORM (800-829-3676). The IRS toll-free number for general tax questions is 800-829-1040.

Related Information

Disaster Assistance and Emergency Relief for Individuals and Businesses

Recent IRS Disaster Relief Announcements

 

Page Last Reviewed or Updated: 04-Nov-2013

The Irs File 2012 Taxes

Irs file 2012 taxes Internal Revenue Bulletin:  2012-14  April 2, 2012  Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2012-23 Table of Contents SECTION 1. Irs file 2012 taxes PURPOSE SECTION 2. Irs file 2012 taxes BACKGROUND SECTION 3. Irs file 2012 taxes SCOPE SECTION 4. Irs file 2012 taxes APPLICATION. Irs file 2012 taxes 01 Limitations on Depreciation Deductions for Certain Automobiles. Irs file 2012 taxes . Irs file 2012 taxes 02 Inclusions in Income of Lessees of Passenger Automobiles. Irs file 2012 taxes SECTION 5. Irs file 2012 taxes EFFECTIVE DATE SECTION 6. Irs file 2012 taxes DRAFTING INFORMATION SECTION 1. Irs file 2012 taxes 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 2012, 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 2012, including a separate table of inclusion amounts for lessees of trucks and vans. Irs file 2012 taxes 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. Irs file 2012 taxes SECTION 2. Irs file 2012 taxes BACKGROUND . Irs file 2012 taxes 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. Irs file 2012 taxes 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. Irs file 2012 taxes 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. Irs file 2012 taxes This change reflects the higher rate of price inflation for trucks and vans since 1988. Irs file 2012 taxes . Irs file 2012 taxes 02 Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. Irs file 2012 taxes L. Irs file 2012 taxes No. Irs file 2012 taxes 111-312, 124 Stat. Irs file 2012 taxes 3296 (Dec. Irs file 2012 taxes 17, 2010) (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, 2013, 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, 2013. Irs file 2012 taxes 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. Irs file 2012 taxes . Irs file 2012 taxes 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). Irs file 2012 taxes 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. Irs file 2012 taxes 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, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv)). Irs file 2012 taxes Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Irs file 2012 taxes 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 2012 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. Irs file 2012 taxes . Irs file 2012 taxes 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Irs file 2012 taxes The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Irs file 2012 taxes Under § 1. Irs file 2012 taxes 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. Irs file 2012 taxes One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Irs file 2012 taxes Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Irs file 2012 taxes SECTION 3. Irs file 2012 taxes SCOPE . Irs file 2012 taxes 01 The limitations on depreciation deductions in section 4. Irs file 2012 taxes 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 2012, and continue to apply for each taxable year that the passenger automobile remains in service. Irs file 2012 taxes . Irs file 2012 taxes 02 The tables in section 4. Irs file 2012 taxes 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2012. Irs file 2012 taxes 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. Irs file 2012 taxes See Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2007-30, 2007-1 C. Irs file 2012 taxes B. Irs file 2012 taxes 1104, for passenger automobiles first leased during calendar year 2007; Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2008-22, 2008-1 C. Irs file 2012 taxes B. Irs file 2012 taxes 658, for passenger automobiles first leased during calendar year 2008; Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2009-24, 2009-17 I. Irs file 2012 taxes R. Irs file 2012 taxes B. Irs file 2012 taxes 885, for passenger automobiles first leased during calendar year 2009; Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2010-18, 2010-9 I. Irs file 2012 taxes R. Irs file 2012 taxes B. Irs file 2012 taxes 427, as amplified and modified by section 4. Irs file 2012 taxes 03 of Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2011-21, 2011-12 I. Irs file 2012 taxes R. Irs file 2012 taxes B. Irs file 2012 taxes 560, for passenger automobiles first leased during calendar year 2010; and Rev. Irs file 2012 taxes Proc. Irs file 2012 taxes 2011-21, for passenger automobiles first leased during calendar year 2011. Irs file 2012 taxes SECTION 4. Irs file 2012 taxes APPLICATION . Irs file 2012 taxes 01 Limitations on Depreciation Deductions for Certain Automobiles. Irs file 2012 taxes (1) Amount of the inflation adjustment. Irs file 2012 taxes (a) Passenger automobiles (other than trucks or vans). Irs file 2012 taxes 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. Irs file 2012 taxes 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. Irs file 2012 taxes The new car component of the CPI was 115. Irs file 2012 taxes 2 for October 1987 and 143. Irs file 2012 taxes 419 for October 2011. Irs file 2012 taxes The October 2011 index exceeded the October 1987 index by 28. Irs file 2012 taxes 219. Irs file 2012 taxes Therefore, the automobile price inflation adjustment for 2012 for passenger automobiles (other than trucks and vans) is 24. Irs file 2012 taxes 5 percent (28. Irs file 2012 taxes 219/115. Irs file 2012 taxes 2 x 100%). Irs file 2012 taxes The dollar limitations in § 280F(a) are multiplied by a factor of 0. Irs file 2012 taxes 245, 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 2012. Irs file 2012 taxes This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2012. Irs file 2012 taxes (b) Trucks and vans. Irs file 2012 taxes To determine the dollar limitations for trucks and vans first placed in service during calendar year 2012, the Service uses the new truck component of the CPI instead of the new car component. Irs file 2012 taxes The new truck component of the CPI was 112. Irs file 2012 taxes 4 for October 1987 and 146. Irs file 2012 taxes 607 for October 2011. Irs file 2012 taxes The October 2011 index exceeded the October 1987 index by 34. Irs file 2012 taxes 207. Irs file 2012 taxes Therefore, the automobile price inflation adjustment for 2012 for trucks and vans is 30. Irs file 2012 taxes 43 percent (34. Irs file 2012 taxes 207/112. Irs file 2012 taxes 4 x 100%). Irs file 2012 taxes The dollar limitations in § 280F(a) are multiplied by a factor of 0. Irs file 2012 taxes 3043, 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. Irs file 2012 taxes This adjustment applies to all trucks and vans that are first placed in service in calendar year 2012. Irs file 2012 taxes (2) Amount of the limitation. Irs file 2012 taxes 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 2012. Irs file 2012 taxes 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 2012 for which the § 168(k) additional first year depreciation deduction applies. Irs file 2012 taxes 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 2012 for which the § 168(k) additional first year depreciation deduction does not apply. Irs file 2012 taxes REV. Irs file 2012 taxes PROC. Irs file 2012 taxes 2012-23 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 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. Irs file 2012 taxes PROC. Irs file 2012 taxes 2012-23 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. Irs file 2012 taxes PROC. Irs file 2012 taxes 2012-23 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 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. Irs file 2012 taxes PROC. Irs file 2012 taxes 2012-23 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 . Irs file 2012 taxes 02 Inclusions in Income of Lessees of Passenger Automobiles. Irs file 2012 taxes A taxpayer must follow the procedures in § 1. Irs file 2012 taxes 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2012. Irs file 2012 taxes 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. Irs file 2012 taxes REV. Irs file 2012 taxes PROC. Irs file 2012 taxes 2012-23 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 2 4 5 6 8 19,000 19,500 2 4 7 7 9 19,500 20,000 2 5 8 8 10 20,000 20,500 3 5 9 10 11 20,500 21,000 3 6 9 12 12 21,000 21,500 3 7 10 12 14 21,500 22,000 3 8 11 13 16 22,000 23,000 4 8 13 15 17 23,000 24,000 4 10 15 17 20 24,000 25,000 5 11 17 19 23 25,000 26,000 6 12 19 21 26 26,000 27,000 6 14 20 24 28 27,000 28,000 7 15 22 26 31 28,000 29,000 7 16 25 28 33 29,000 30,000 8 18 25 32 35 30,000 31,000 9 19 27 34 38 31,000 32,000 9 20 30 36 41 32,000 33,000 10 21 32 38 43 33,000 34,000 10 23 33 41 46 34,000 35,000 11 24 35 43 49 35,000 36,000 12 25 37 45 52 36,000 37,000 12 27 39 47 54 37,000 38,000 13 28 41 49 57 38,000 39,000 13 29 43 52 59 39,000 40,000 14 30 45 54 62 40,000 41,000 14 32 47 56 65 41,000 42,000 15 33 49 58 68 42,000 43,000 16 34 51 61 70 43,000 44,000 16 36 52 63 73 44,000 45,000 17 37 54 66 75 45,000 46,000 17 38 57 67 78 46,000 47,000 18 39 59 70 80 47,000 48,000 19 40 61 72 83 48,000 49,000 19 42 62 75 86 49,000 50,000 20 43 64 77 89 50,000 51,000 20 45 66 79 91 51,000 52,000 21 46 68 81 94 52,000 53,000 21 47 70 84 96 53,000 54,000 22 48 72 86 99 54,000 55,000 23 49 74 88 102 55,000 56,000 23 51 76 90 104 56,000 57,000 24 52 78 92 107 57,000 58,000 24 54 79 95 110 58,000 59,000 25 55 81 97 113 59,000 60,000 26 56 83 100 115 60,000 62,000 26 58 86 103 119 62,000 64,000 28 60 90 108 124 64,000 66,000 29 63 94 112 129 66,000 68,000 30 66 97 117 135 68,000 70,000 31 68 102 121 140 70,000 72,000 32 71 105 126 145 72,000 74,000 33 74 109 130 151 74,000 76,000 35 76 113 135 156 76,000 78,000 36 78 117 140 161 78,000 80,000 37 81 120 145 166 80,000 85,000 39 86 127 152 176 85,000 90,000 42 92 137 163 189 90,000 95,000 45 98 147 175 202 95,000 100,000 48 105 155 187 215 100,000 110,000 52 115 170 203 235 110,000 120,000 58 127 189 227 262 120,000 130,000 64 140 208 250 288 130,000 140,000 70 153 227 272 315 140,000 150,000 75 166 246 296 340 150,000 160,000 81 179 265 318 368 160,000 170,000 87 192 284 341 394 170,000 180,000 93 204 304 364 420 180,000 190,000 99 217 323 387 446 190,000 200,000 105 230 342 409 473 200,000 210,000 111 243 361 432 499 210,000 220,000 116 256 380 455 526 220,000 230,000 122 269 399 478 552 230,000 240,000 128 282 418 501 578 240,000 and up 134 294 437 524 605 REV. Irs file 2012 taxes PROC. Irs file 2012 taxes 2012-23 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 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 4 5 6 7 19,500 20,000 2 4 6 7 9 20,000 20,500 2 5 7 8 10 20,500 21,000 2 5 8 10 11 21,000 21,500 3 6 9 10 13 21,500 22,000 3 6 10 12 14 22,000 23,000 3 8 11 14 15 23,000 24,000 4 9 13 16 18 24,000 25,000 4 10 15 19 21 25,000 26,000 5 11 17 21 24 26,000 27,000 6 12 19 23 26 27,000 28,000 6 14 21 25 29 28,000 29,000 7 15 23 27 32 29,000 30,000 7 17 24 30 34 30,000 31,000 8 18 26 32 37 31,000 32,000 9 19 28 34 40 32,000 33,000 9 20 31 36 42 33,000 34,000 10 21 33 39 44 34,000 35,000 10 23 34 41 48 35,000 36,000 11 24 36 44 50 36,000 37,000 12 25 38 46 53 37,000 38,000 12 27 40 48 55 38,000 39,000 13 28 42 50 58 39,000 40,000 13 29 44 53 60 40,000 41,000 14 31 45 55 63 41,000 42,000 14 32 48 57 66 42,000 43,000 15 33 50 59 69 43,000 44,000 16 34 52 61 72 44,000 45,000 16 36 53 64 74 45,000 46,000 17 37 55 66 77 46,000 47,000 17 38 58 68 79 47,000 48,000 18 40 59 70 82 48,000 49,000 19 41 61 73 84 49,000 50,000 19 42 63 75 87 50,000 51,000 20 43 65 78 89 51,000 52,000 20 45 66 80 93 52,000 53,000 21 46 68 83 95 53,000 54,000 21 48 70 84 98 54,000 55,000 22 49 72 87 100 55,000 56,000 23 50 74 89 103 56,000 57,000 23 51 76 92 105 57,000 58,000 24 52 78 94 108 58,000 59,000 24 54 80 96 111 59,000 60,000 25 55 82 98 114 60,000 62,000 26 57 85 101 118 62,000 64,000 27 60 88 106 123 64,000 66,000 28 62 93 110 128 66,000 68,000 29 65 96 115 134 68,000 70,000 30 67 100 120 139 70,000 72,000 32 70 103 125 144 72,000 74,000 33 72 108 129 149 74,000 76,000 34 75 111 134 155 76,000 78,000 35 78 115 138 160 78,000 80,000 36 80 119 143 165 80,000 85,000 38 85 125 151 175 85,000 90,000 41 91 135 163 187 90,000 95,000 44 98 144 174 201 95,000 100,000 47 104 154 185 214 100,000 110,000 52 113 169 202 234 110,000 120,000 57 127 187 225 261 120,000 130,000 63 139 207 248 287 130,000 140,000 69 152 226 271 313 140,000 150,000 75 165 245 294 339 150,000 160,000 81 178 264 316 366 160,000 170,000 87 190 283 340 392 170,000 180,000 92 204 302 362 419 180,000 190,000 98 216 322 385 445 190,000 200,000 104 229 340 409 471 200,000 210,000 110 242 359 431 498 210,000 220,000 116 255 378 454 524 220,000 230,000 122 267 398 477 551 230,000 240,000 127 281 416 500 577 240,000 and up 133 294 435 523 603 SECTION 5. Irs file 2012 taxes EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2012. Irs file 2012 taxes SECTION 6. Irs file 2012 taxes DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Irs file 2012 taxes Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Irs file 2012 taxes For further information regarding this revenue procedure, contact Mr. Irs file 2012 taxes Harvey at (202) 622-4930 (not a toll-free call). Irs file 2012 taxes Prev  Up  Next   Home   More Internal Revenue Bulletins