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

1. Do I Need a PTIN and How Do I Get One?
(scenarios; supervised, non-signing and non-1040 preparers; and SSN requirements)

2. PTIN Application and Renewal Assistance
(application, renewal, fees and logon problems)

3. Understanding your PTIN-related Letter

4. Registered Tax Return Preparer Test Refunds


Return to the Return Preparer Regulations Homepage

 

Page Last Reviewed or Updated: 11-Oct-2013

The Military Turbotax

Military turbotax Publication 15-B - Introductory Material Table of Contents Future Developments What's New Reminders Introduction Future Developments For the latest information about developments related to Publication 15-B, such as legislation enacted after it was published, go to www. Military turbotax irs. Military turbotax gov/pub15b. Military turbotax What's New Cents-per-mile rule. Military turbotax  The business mileage rate for 2014 is 56 cents per mile. Military turbotax You may use this rate to reimburse an employee for business use of a personal vehicle, and under certain conditions, you may use the rate under the cents-per-mile rule to value the personal use of a vehicle you provide to an employee. Military turbotax See Cents-Per-Mile Rule in section 3. Military turbotax Qualified parking exclusion and commuter transportation benefit. Military turbotax . Military turbotax  For 2014, the monthly exclusion for qualified parking is $250 and the monthly exclusion for commuter highway vehicle transportation and transit passes is $130. Military turbotax See Qualified Transportation Benefits in section 2. Military turbotax Same-sex Marriage. Military turbotax  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. Military turbotax For more information, see Revenue Ruling 2013-17, 2013-38 I. Military turbotax R. Military turbotax B. Military turbotax 201, available at www. Military turbotax irs. Military turbotax gov/irb/2013-38_IRB/ar07. Military turbotax html. Military turbotax Notice 2013-61 provides special administrative procedures for employers to make claims for refund or adjustments of overpayments of social security and Medicare taxes with respect to certain same-sex spouse benefits before expiration of the period of limitations. Military turbotax Notice 2013-61, 2013-44 I. Military turbotax R. Military turbotax B. Military turbotax 432, is available at www. Military turbotax irs. Military turbotax gov/irb/2013-44_IRB/ar10. Military turbotax html. Military turbotax Recent changes to certain rules for cafeteria plans. Military turbotax  Notice 2013-71, 2013-47 I. Military turbotax R. Military turbotax B. Military turbotax 532, available at www. Military turbotax irs. Military turbotax gov/irb/2013-47_IRB/ar10. Military turbotax html, discusses recent changes to the “use-or-lose” rule for health flexible spending arrangements (FSAs) and clarifies the transitional rule for 2013-2014 non-calendar year salary reduction elections. Military turbotax See Notice 2013-71 for details on these changes. Military turbotax Reminders $2,500 limit on a health flexible spending arrangement (FSA). Military turbotax  For plan years beginning after December 31, 2012, a cafeteria plan may not allow an employee to request salary reduction contributions for a health FSA in excess of $2,500. Military turbotax For plan years beginning after December 31, 2013, the limit is unchanged at $2,500. Military turbotax For more information, see Cafeteria Plans in section 1. Military turbotax Additional Medicare Tax withholding. Military turbotax  In addition to withholding Medicare tax at 1. Military turbotax 45%, you must withhold a 0. Military turbotax 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Military turbotax You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Military turbotax Additional Medicare Tax is only imposed on the employee. Military turbotax There is no employer share of Additional Medicare Tax. Military turbotax All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Military turbotax Unless otherwise noted, references to Medicare tax include Additional Medicare Tax. Military turbotax For more information on what wages are subject to Medicare tax, see Table 2-1, later, and the chart, Special Rules for Various Types of Services and Payments, in section 15 of Publication 15, (Circular E), Employer's Tax Guide. Military turbotax For more information on Additional Medicare Tax, visit IRS. Military turbotax gov and enter “Additional Medicare Tax” in the search box. Military turbotax Photographs of missing children. Military turbotax  The IRS is a proud partner with the National Center for Missing and Exploited Children. Military turbotax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Military turbotax 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. Military turbotax Introduction This publication supplements Publication 15 (Circular E), Employer's Tax Guide, and Publication 15-A, Employer's Supplemental Tax Guide. Military turbotax It contains information for employers on the employment tax treatment of fringe benefits. Military turbotax Comments and suggestions. Military turbotax   We welcome your comments about this publication and your suggestions for future editions. Military turbotax   You can write to us at the following address:  Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Military turbotax NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Military turbotax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Military turbotax   You can also send us comments from www. Military turbotax irs. Military turbotax gov/formspubs. Military turbotax Click on More Information and then click on Comment on Tax Forms and Publications. Military turbotax   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. Military turbotax Prev  Up  Next   Home   More Online Publications