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IRS.gov Website
Publication 946
taxmap/pubs/p946-015.htm#en_us_publink1000299544

Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance(p28)

rule
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)), unless the corporation made an election not to apply the section 168(k)(4) election to round 3 extension property for its first tax year ending after December 31, 2010. For 2014, round 3 extension property generally is long production period and noncommercial aircraft if acquired after March 31, 2008, and placed in service after December 31, 2013, but before January 1, 2015.
An election to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance made by a corporation for either its first tax year ending after March 31, 2008, its first tax year ending after December 31, 2008, its first tax year ending after December 31, 2010, or for its first tax year ending after December 31, 2012, continues to apply to round 4 extension property (as defined in section 168(k)(4)(K)), unless the corporation makes an election not to apply the section 168(k)(4) election to round 4 extension property for its first year ending after December 31, 2013. 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, its first tax year ending after December 31, 2010, or its first tax year ending after December 31, 2012, the corporation may elect for its first tax year ending after December 31, 2013, to claim pre-2006 unused minimum tax credits in lieu of claiming the special depreciation allowance for only round 4 extension property.
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. See Which Depreciation Method Applies in chapter 4.
Once made, the election cannot be revoked without IRS consent.
taxmap/pubs/p946-015.htm#en_us_publink1000299546

Additional guidance.(p28)

rule
For additional guidance on the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance, see Form 8827, Credit for Prior Year Minimum Tax — Corporations, and related instructions.
Additional guidance regarding the election to accelerate the minimum tax credit in lieu of claiming the special depreciation allowance for round 4 extension property may also be available in later Internal Revenue Bulletins available at www.irs.gov/irb.