Publication 946
taxmap/pubs/p946-017.htm#en_us_publink1000107500You 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.
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.
 | At the time this publication was released for print, the
IRS was considering guidance on the 100% special depreciation allowance and
qualified property acquired after December 31, 2007. This guidance will be
published in later Internal Revenue Bulletins available at
www.irs.gov/irb. When this guidance is released, information will also
be available at
www.irs.gov/form4562. |
taxmap/pubs/p946-017.htm#en_us_publink1000107501Generally, you must make the election on a timely filed tax return
(including extensions) for the year in which you place the property in service.
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). Attach the election statement to the amended return. On the amended
return, write "Filed pursuant to section 301.9100-2."
taxmap/pubs/p946-017.htm#en_us_publink1000107502Once you elect not to deduct a special depreciation allowance
for a class of property, you cannot revoke the election without IRS consent. A
request to revoke the election is a request for a letter ruling.
| If you elect not to have any special allowance apply, the
property may be subject to an alternative minimum tax adjustment for
depreciation. |
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