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IRS.gov Website
Publication 946
taxmap/pubs/p946-012.htm#en_us_publink1000107448

How Do You Elect the Deduction?(p23)

rule

Words you may need to know (see Glossary)

You elect to take the section 179 deduction by completing Part I of Form 4562.
EIC
If you elect the deduction for listed property (described in chapter 5), complete Part V of Form 4562 before completing Part I.
For property placed in service in 2010, file Form 4562 with either of the following.
Where Refund
You must keep records that show the specific identification of each piece of qualifying section 179 property. These records must show how you acquired the property, the person you acquired it from, and when you placed it in service.
taxmap/pubs/p946-012.htm#en_us_publink1000257343

Election for certain qualified section 179 real property.(p24)

rule
You can elect to expense certain qualified real property that you placed in service as section 179 property for tax years beginning in 2010. If you elect to treat this property as section 179 property, you must elect the application of the special rules for qualified real property described in section 179(f) of the Internal Revenue Code.
To make the election, attach a statement indicating you are "electing the application of section 179(f) of the Internal Revenue Code" with either of the following.
The statement should indicate your election to expense certain qualified real property under section 179(f) on your return. It must specify one or more or more of the three types of qualified property (described under Qualified real property on page 16) to which the election applies, the cost of each such type, and the portion of the cost of each such property to be taken into account. Also, report this on line 6 of Form 4562.
EIC
The maximum section 179 expense deduction that can be taken for qualified section 179 real property is limited to $250,000.
taxmap/pubs/p946-012.htm#en_us_publink1000107451

Revoking an election.(p24)

rule
An election (or any specification made in the election) to take a section 179 deduction for 2010 can be revoked without IRS approval by filing an amended return. The amended return must be filed within the time prescribed by law. The amended return must also include any resulting adjustments to taxable income. Once made, the revocation is irrevocable.