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Irs Amended Tax Return Form

Irs Forms 1040ez InstructionsTax Amend FormWhere Can I File Back Taxes OnlineNeed To Amend 2011 Tax ReturnFree Federal And State Efile 2013Free Self Tax Preparation Online1040form1040ez 2012 WorksheetEz Tax FormAmending Federal Tax Return1040x InstructionsIncome Tax ReturnBlank Printable 1040ez FormIrs Tax Forms 1040xH&r Block Tax Estimator1040nr Ez 2012Turbo Tax EzFree E File 2012 Federal And StateIrs Gov 2010 Tax FormsTax Software 2011File 2008 Taxes For FreeFiling 1040xH R Block MilitaryIrs Vita SitesH&r Block 1040xI Need To Amend My 2010 TaxesAmmend TaxesIrs Tax Forms For 2010Handr Block2012 Irs 1040a Instructions2010 Free Tax Filing1040ez Instructions2009 Form 1040 EzFile Ez Form FreeIrs Form 1040Us Irs E File FreeAmend Tax Return 2009Hr Block Online TaxesAmended Tax Return 2012Tax Preparation For Military Members

Irs Amended Tax Return Form

Irs amended tax return form Publication 502 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Irs amended tax return form Tax questions. Irs amended tax return form Useful Items - You may want to see: What's New Medical and dental expenses. Irs amended tax return form  Beginning January 1, 2013, you can deduct only the part of your medical and dental expenses that exceed 10% of your adjusted gross income (AGI) (7. Irs amended tax return form 5% if either you or your spouse was born before January 2, 1949). Irs amended tax return form Standard mileage rate. Irs amended tax return form  The standard mileage rate allowed for operating expenses for a car when you use it for medical reasons is 24 cents per mile. Irs amended tax return form See Transportation under What Medical Expenses Are Includible. Irs amended tax return form Federal tax benefits for same-sex married couples. Irs amended tax return form  For federal tax purposes, individuals of the same sex are considered married if they were lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex, even if the state (or foreign country) in which they now live does not recognize same-sex marriage. Irs amended tax return form For more information, see Publication 501, Exemptions, Standard Deduction, and Filing Information. Irs amended tax return form Reminders Future developments. Irs amended tax return form   For the latest information about developments related to Publication 502, such as legislation enacted after it was published, go to www. Irs amended tax return form irs. Irs amended tax return form gov/pub502. Irs amended tax return form Photographs of missing children. Irs amended tax return form  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Irs amended tax return form Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs amended tax return form 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 amended tax return form Introduction This publication explains the itemized deduction for medical and dental expenses that you claim on Schedule A (Form 1040). Irs amended tax return form It discusses what expenses, and whose expenses, you can and cannot include in figuring the deduction. Irs amended tax return form It explains how to treat reimbursements and how to figure the deduction. Irs amended tax return form It also tells you how to report the deduction on your tax return and what to do if you sell medical property or receive damages for a personal injury. Irs amended tax return form Medical expenses include dental expenses, and in this publication the term “medical expenses” is often used to refer to medical and dental expenses. Irs amended tax return form You can deduct on Schedule A (Form 1040) only the part of your medical and dental expenses that is more than 10% of your adjusted gross income (AGI). Irs amended tax return form But if either you or your spouse was born before January 2, 1949, you can deduct the amount of your medical and dental expenses that is more than 7. Irs amended tax return form 5% of your AGI. Irs amended tax return form If your medical and dental expenses are not more than 10% of your AGI (7. Irs amended tax return form 5% if either you or your spouse was born before January 2, 1949), you cannot claim a deduction. Irs amended tax return form This publication also explains how to treat impairment-related work expenses, health insurance premiums if you are self-employed, and the health coverage tax credit that is available to certain individuals. Irs amended tax return form Pub. Irs amended tax return form 502 covers many common medical expenses but not every possible medical expense. Irs amended tax return form If you cannot find the expense you are looking for, refer to the definition of medical expenses under What Are Medical Expenses . Irs amended tax return form See How To Get Tax Help near the end of this publication for information about getting publications and forms. Irs amended tax return form Comments and suggestions. Irs amended tax return form   We welcome your comments about this publication and your suggestions for future editions. Irs amended tax return form   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs amended tax return form NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs amended tax return form Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs amended tax return form   You can send your comments from www. Irs amended tax return form irs. Irs amended tax return form gov/formspubs. Irs amended tax return form Click on “More Information” and then on “Comment on Tax Forms and Publications. Irs amended tax return form ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Irs amended tax return form Ordering forms and publications. Irs amended tax return form   Visit www. Irs amended tax return form irs. Irs amended tax return form 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 amended tax return form Internal Revenue Service 1201 N. Irs amended tax return form Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs amended tax return form   If you have a tax question, check the information available on IRS. Irs amended tax return form gov or call 1-800-829-1040. Irs amended tax return form We cannot answer tax questions sent to either of the above addresses. Irs amended tax return form Useful Items - You may want to see: Publication 969 Health Savings Accounts and Other Tax-Favored Health Plans Forms (and Instructions) 1040 U. Irs amended tax return form S. Irs amended tax return form Individual Income Tax Return Schedule A (Form 1040) Itemized Deductions 8885 Health Coverage Tax Credit Prev  Up  Next   Home   More Online Publications
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About Tax Exempt Bonds

Tax Exempt Bonds (TEB) is a division of the Governmental Entities (GE) division of the Tax Exempt and Governmental Entities Division (TE/GE) of the Internal Revenue Service. 

The mission of TEB is to administer Federal tax laws applicable to tax-advantaged bonds and to provide our customers with top quality service by applying tax laws with integrity and fairness.

Our Compliance Program Management (CPM) and Field Operation (FO) programs focus on providing participants in the tax-advantaged bond industry with quality service and assistance to members of the tax-advantaged bond community in understanding their tax responsibilities.  TEB develops tailored education programs focused on tax-advantaged bond industry segments; monitors non-compliance trends to design pro-active education and outreach products; and designs and implements compliance programs and projects that foster voluntary resolution of infractions of the tax rules related to tax-advantaged bonds.

Rebecca L. Harrigal, Director

Under the direction of Rebecca L. Harrigal, TEB works closely with the Office of Associate Chief Counsel (TE/GE), other offices within the Internal Revenue Service, other regulatory agencies, state and local government officials, and others in the tax-advantaged bond community to encourage and achieve the highest degree of voluntary compliance with Federal tax laws. 

Steven A. Chamberlin,  CPM Manager

The Compliance and Program Management Program (formerly, Outreach, Planning, and Review), under the direction of Steven A. Chamberlin, is primarily responsible for the development and coordination of the Tax Exempt Bond Voluntary Compliance/Closing Agreement Program (TEB VCAP) as well as the development of ongoing outreach programs designed to effectively identify, provide guidance to, and address the needs of the various customer groups that comprise the tax-advantaged bond community. The CPM program also develops project initiatives; updates the Internal Revenue Manual (IRM) and Revenue Procedures; prepares taxpayer and employee education and training materials; handles general information requests and referrals; coordinates with the Office of Associate Chief Counsel to provide legal guidance; and performs program planning and evaluation functions.

Allyson Belsome, FO Manager

The Field Operations Program, under the direction of Allyson Belsome,  is primarily responsible for identifying and correcting noncompliance with Federal tax laws applicable to tax-advantaged bonds.  The FO office conducts examinations, with fairness and the highest level of integrity, at the issuer level.   The goal of the program is to pro-actively assist issuers in their tax-advantaged bond compliance with the Federal tax laws. FO personnel throughout the country are active not only in conducting examinations but also in assisting with the delivery of outreach programs to the tax-advantaged bond community.  FO concentrates its efforts on the many emerging issues and focus areas in the tax-advantaged bond community.

Voluntary Compliance Agreement Program

To promote voluntary compliance with the provisions of the Internal Revenue Code relating to tax-advantaged bonds, TEB expanded its voluntary closing agreement program (TEB VCAP). In expanding TEB VCAP, the IRS seeks to encourage issuers, conduit borrowers and other parties to bond transactions to exercise due diligence and to attempt to correct any issuance and post-issuance infractions of the applicable sections of the Internal Revenue Code and regulations. This expansion reflects the IRS's continuing policy of taxing bondholders only as a last resort and it's desire to resolve tax-advantaged bond infractions with other parties to the bond transactions.

Voluntary closing agreement requests from anonymous parties as well as requests on behalf of multiple issuers and issues are encouraged if a sufficient description of the appropriate facts and circumstances leading to the infraction are provided to the Service.

We welcome your interest in the CPM function and participation in the TEB VCAP program. We also welcome your suggestions about how we can improve the program and encourage up-front voluntary compliance. If you have any questions about the TEB VCAP or wish to discuss or submit a closing agreement request, please contact Steven A. Chamberlin, Manager, Compliance and Program Management by phone at (636) 255-1290 or FAX your inquiry to (636) 255-1447. You may also mail closing agreement requests to CPM at the following address:

Internal Revenue Service
SE:T:GE:TEB:CPM
TEB Room 128
1122 Town & Country Commons
Chesterfield, MO 63017-8293

 

Outreach

It is TEB's highest priority to communicate effectively with the diverse membership of the tax-advantaged bond community. TEB looks forward to working in partnership with state and local government officials, regulatory agencies, national governmental, industry, and professional associations, as well as your state and local affiliates and members. Please let us know if you have any requests for technical assistance or if you would like a speaker or panelist for your meeting, workshop, seminar or conference. We would also welcome the opportunity to assign a staff person to coordinate with your task forces or subcommittees or provide information for your newsletters or similar publications. Please feel free to link any of our materials to your websites as well. We welcome your suggestions concerning the type of materials you would like to see on this website in the future and the type of newsletters or publications that would be useful to you.

We welcome your suggestions concerning how we can better serve our customers.

Page Last Reviewed or Updated: 22-Nov-2013

The Irs Amended Tax Return Form

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