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Ammended Return

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Ammended Return

Ammended return Part Four -   Adjustments to Income The three chapters in this part discuss some of the adjustments to income that you can deduct in figuring your adjusted gross income. Ammended return These chapters cover: Contributions you make to traditional individual retirement arrangements (IRAs) — chapter 17, Alimony you pay — chapter 18, and Student loan interest you pay — chapter 19. Ammended return Other adjustments to income are discussed elsewhere. Ammended return See Table V below. Ammended return Table V. Ammended return Other Adjustments to Income  Use this table to find information about other adjustments to income not covered in this part of the publication. Ammended return IF you are looking for more information about the deduction for. Ammended return . Ammended return . Ammended return THEN see. Ammended return . Ammended return . Ammended return Certain business expenses of reservists, performing artists, and fee-basis officials Chapter 26. Ammended return Contributions to a health savings account Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans. Ammended return Moving expenses Publication 521, Moving Expenses. Ammended return Part of your self-employment tax Chapter 22. Ammended return Self-employed health insurance Chapter 21. Ammended return Payments to self-employed SEP, SIMPLE, and qualified plans Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans). Ammended return Penalty on the early withdrawal of savings Chapter 7. Ammended return Contributions to an Archer MSA Publication 969. Ammended return Reforestation amortization or expense Chapters 7 and 8 of Publication 535, Business Expenses. Ammended return Contributions to Internal Revenue Code section 501(c)(18)(D) pension plans Publication 525, Taxable and Nontaxable Income. Ammended return Expenses from the rental of personal property Chapter 12. Ammended return Certain required repayments of supplemental unemployment benefits (sub-pay) Chapter 12. Ammended return Foreign housing costs Chapter 4 of Publication 54, Tax Guide for U. Ammended return S. Ammended return Citizens and Resident Aliens Abroad. Ammended return Jury duty pay given to your employer Chapter 12. Ammended return Contributions by certain chaplains to Internal Revenue Code section 403(b) plans Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers. Ammended return Attorney fees and certain costs for actions involving certain unlawful discrimination claims or awards to whistleblowers Publication 525. Ammended return Domestic production activities deduction Form 8903, Domestic Production Activities Deduction. Ammended return Table of Contents 17. Ammended return   Individual Retirement Arrangements (IRAs)What's New Reminders Introduction Useful Items - You may want to see: Traditional IRAsWho Can Open a Traditional IRA? When and How Can a Traditional IRA Be Opened? How Much Can Be Contributed? When Can Contributions Be Made? How Much Can You Deduct? Nondeductible Contributions Inherited IRAs Can You Move Retirement Plan Assets? When Can You Withdraw or Use IRA Assets? When Must You Withdraw IRA Assets? (Required Minimum Distributions) Are Distributions Taxable? What Acts Result in Penalties or Additional Taxes? Roth IRAsWhat Is a Roth IRA? When Can a Roth IRA Be Opened? Can You Contribute to a Roth IRA? Can You Move Amounts Into a Roth IRA? Are Distributions Taxable? 18. Ammended return   AlimonyIntroductionSpouse or former spouse. Ammended return Divorce or separation instrument. Ammended return Useful Items - You may want to see: General RulesMortgage payments. Ammended return Taxes and insurance. Ammended return Other payments to a third party. Ammended return Instruments Executed After 1984Payments to a third party. Ammended return Exception. Ammended return Substitute payments. Ammended return Specifically designated as child support. Ammended return Contingency relating to your child. Ammended return Clearly associated with a contingency. Ammended return How To Deduct Alimony Paid How To Report Alimony Received Recapture Rule 19. Ammended return   Education- Related AdjustmentsIntroduction Useful Items - You may want to see: Student Loan Interest DeductionStudent Loan Interest Defined Can You Claim the Deduction How Much Can You Deduct How Do You Figure the Deduction Tuition and Fees DeductionCan You Claim the Deduction What Expenses Qualify Who Is an Eligible Student Who Can Claim a Dependent's Expenses How Much Can You Deduct Educator Expenses Prev  Up  Next   Home   More Online Publications
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The Ammended Return

Ammended return Internal Revenue Bulletin:  2012-14  April 2, 2012  Rev. Ammended return Proc. Ammended return 2012-23 Table of Contents SECTION 1. Ammended return PURPOSE SECTION 2. Ammended return BACKGROUND SECTION 3. Ammended return SCOPE SECTION 4. Ammended return APPLICATION. Ammended return 01 Limitations on Depreciation Deductions for Certain Automobiles. Ammended return . Ammended return 02 Inclusions in Income of Lessees of Passenger Automobiles. Ammended return SECTION 5. Ammended return EFFECTIVE DATE SECTION 6. Ammended return DRAFTING INFORMATION SECTION 1. Ammended return PURPOSE This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2012, including separate tables of limitations on depreciation deductions for trucks and vans; and (2) the amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2012, including a separate table of inclusion amounts for lessees of trucks and vans. Ammended return The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. Ammended return SECTION 2. Ammended return BACKGROUND . Ammended return 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year the taxpayer places the passenger automobile in service and for each succeeding year. Ammended return For passenger automobiles placed in service after 1988, § 280F(d)(7) requires the Internal Revenue Service to increase the amounts allowable as depreciation deductions by a price inflation adjustment amount. Ammended return The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. Ammended return This change reflects the higher rate of price inflation for trucks and vans since 1988. Ammended return . Ammended return 02 Section 401(a) of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. Ammended return L. Ammended return No. Ammended return 111-312, 124 Stat. Ammended return 3296 (Dec. Ammended return 17, 2010) (the “Act”) extended the 50 percent additional first year depreciation deduction under § 168(k) to qualified property acquired by the taxpayer after December 31, 2007, and before January 1, 2013, if no written binding contract for the acquisition of the property existed before January 1, 2008, and if the taxpayer places the property in service generally before January 1, 2013. Ammended return Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies. Ammended return . Ammended return 03 Section 168(k)(2)(D)(i) provides that the § 168(k) additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). Ammended return Section 168(k)(2)(D)(iii) permits a taxpayer to elect out of the § 168(k) additional first year depreciation deduction for any class of property. Ammended return Section 168(k)(4), as amended by the Act, permits a corporation to elect to increase the alternative minimum tax (“AMT”) credit limitation under § 53(c), instead of claiming the § 168(k) additional first year depreciation deduction for all eligible qualified property placed in service after December 31, 2010, that is round 2 extension property (as defined in § 168(k)(4)(I)(iv)). Ammended return Accordingly, this revenue procedure provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction applies. Ammended return This revenue procedure also provides tables for passenger automobiles for which the § 168(k) additional first year depreciation deduction does not apply, either because taxpayer (1) purchased the passenger automobile used; (2) did not use the passenger automobile during 2012 more than 50 percent for business purposes; (3) elected out of the § 168(k) additional first year depreciation deduction pursuant to § 168(k)(2)(D)(iii); or (4) elected to increase the § 53 AMT credit limitation in lieu of claiming § 168(k) additional first year depreciation. Ammended return . Ammended return 04 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Ammended return The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Ammended return Under § 1. Ammended return 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an amount determined by applying a formula to the amount obtained from a table. Ammended return One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Ammended return Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Ammended return SECTION 3. Ammended return SCOPE . Ammended return 01 The limitations on depreciation deductions in section 4. Ammended return 01(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2012, and continue to apply for each taxable year that the passenger automobile remains in service. Ammended return . Ammended return 02 The tables in section 4. Ammended return 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2012. Ammended return Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. Ammended return See Rev. Ammended return Proc. Ammended return 2007-30, 2007-1 C. Ammended return B. Ammended return 1104, for passenger automobiles first leased during calendar year 2007; Rev. Ammended return Proc. Ammended return 2008-22, 2008-1 C. Ammended return B. Ammended return 658, for passenger automobiles first leased during calendar year 2008; Rev. Ammended return Proc. Ammended return 2009-24, 2009-17 I. Ammended return R. Ammended return B. Ammended return 885, for passenger automobiles first leased during calendar year 2009; Rev. Ammended return Proc. Ammended return 2010-18, 2010-9 I. Ammended return R. Ammended return B. Ammended return 427, as amplified and modified by section 4. Ammended return 03 of Rev. Ammended return Proc. Ammended return 2011-21, 2011-12 I. Ammended return R. Ammended return B. Ammended return 560, for passenger automobiles first leased during calendar year 2010; and Rev. Ammended return Proc. Ammended return 2011-21, for passenger automobiles first leased during calendar year 2011. Ammended return SECTION 4. Ammended return APPLICATION . Ammended return 01 Limitations on Depreciation Deductions for Certain Automobiles. Ammended return (1) Amount of the inflation adjustment. Ammended return (a) Passenger automobiles (other than trucks or vans). Ammended return Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. Ammended return Section 280F(d)(7)(B)(ii) defines the term “CPI automobile component” as the automobile component of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Ammended return The new car component of the CPI was 115. Ammended return 2 for October 1987 and 143. Ammended return 419 for October 2011. Ammended return The October 2011 index exceeded the October 1987 index by 28. Ammended return 219. Ammended return Therefore, the automobile price inflation adjustment for 2012 for passenger automobiles (other than trucks and vans) is 24. Ammended return 5 percent (28. Ammended return 219/115. Ammended return 2 x 100%). Ammended return The dollar limitations in § 280F(a) are multiplied by a factor of 0. Ammended return 245, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2012. Ammended return This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2012. Ammended return (b) Trucks and vans. Ammended return To determine the dollar limitations for trucks and vans first placed in service during calendar year 2012, the Service uses the new truck component of the CPI instead of the new car component. Ammended return The new truck component of the CPI was 112. Ammended return 4 for October 1987 and 146. Ammended return 607 for October 2011. Ammended return The October 2011 index exceeded the October 1987 index by 34. Ammended return 207. Ammended return Therefore, the automobile price inflation adjustment for 2012 for trucks and vans is 30. Ammended return 43 percent (34. Ammended return 207/112. Ammended return 4 x 100%). Ammended return The dollar limitations in § 280F(a) are multiplied by a factor of 0. Ammended return 3043, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations for trucks and vans. Ammended return This adjustment applies to all trucks and vans that are first placed in service in calendar year 2012. Ammended return (2) Amount of the limitation. Ammended return Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2012. Ammended return Use Table 1 for a passenger automobile (other than a truck or van), and Table 2 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction applies. Ammended return Use Table 3 for a passenger automobile (other than a truck or van), and Table 4 for a truck or van, placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction does not apply. Ammended return REV. Ammended return PROC. Ammended return 2012-23 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Ammended return PROC. Ammended return 2012-23 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 REV. Ammended return PROC. Ammended return 2012-23 TABLE 3 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 REV. Ammended return PROC. Ammended return 2012-23 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2012 FOR WHICH THE § 168(k) ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,360 2nd Tax Year $5,300 3rd Tax Year $3,150 Each Succeeding Year $1,875 . Ammended return 02 Inclusions in Income of Lessees of Passenger Automobiles. Ammended return A taxpayer must follow the procedures in § 1. Ammended return 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2012. Ammended return In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure, while lessees of trucks and vans should use Table 6 of this revenue procedure. Ammended return REV. Ammended return PROC. Ammended return 2012-23 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 2 4 5 6 8 19,000 19,500 2 4 7 7 9 19,500 20,000 2 5 8 8 10 20,000 20,500 3 5 9 10 11 20,500 21,000 3 6 9 12 12 21,000 21,500 3 7 10 12 14 21,500 22,000 3 8 11 13 16 22,000 23,000 4 8 13 15 17 23,000 24,000 4 10 15 17 20 24,000 25,000 5 11 17 19 23 25,000 26,000 6 12 19 21 26 26,000 27,000 6 14 20 24 28 27,000 28,000 7 15 22 26 31 28,000 29,000 7 16 25 28 33 29,000 30,000 8 18 25 32 35 30,000 31,000 9 19 27 34 38 31,000 32,000 9 20 30 36 41 32,000 33,000 10 21 32 38 43 33,000 34,000 10 23 33 41 46 34,000 35,000 11 24 35 43 49 35,000 36,000 12 25 37 45 52 36,000 37,000 12 27 39 47 54 37,000 38,000 13 28 41 49 57 38,000 39,000 13 29 43 52 59 39,000 40,000 14 30 45 54 62 40,000 41,000 14 32 47 56 65 41,000 42,000 15 33 49 58 68 42,000 43,000 16 34 51 61 70 43,000 44,000 16 36 52 63 73 44,000 45,000 17 37 54 66 75 45,000 46,000 17 38 57 67 78 46,000 47,000 18 39 59 70 80 47,000 48,000 19 40 61 72 83 48,000 49,000 19 42 62 75 86 49,000 50,000 20 43 64 77 89 50,000 51,000 20 45 66 79 91 51,000 52,000 21 46 68 81 94 52,000 53,000 21 47 70 84 96 53,000 54,000 22 48 72 86 99 54,000 55,000 23 49 74 88 102 55,000 56,000 23 51 76 90 104 56,000 57,000 24 52 78 92 107 57,000 58,000 24 54 79 95 110 58,000 59,000 25 55 81 97 113 59,000 60,000 26 56 83 100 115 60,000 62,000 26 58 86 103 119 62,000 64,000 28 60 90 108 124 64,000 66,000 29 63 94 112 129 66,000 68,000 30 66 97 117 135 68,000 70,000 31 68 102 121 140 70,000 72,000 32 71 105 126 145 72,000 74,000 33 74 109 130 151 74,000 76,000 35 76 113 135 156 76,000 78,000 36 78 117 140 161 78,000 80,000 37 81 120 145 166 80,000 85,000 39 86 127 152 176 85,000 90,000 42 92 137 163 189 90,000 95,000 45 98 147 175 202 95,000 100,000 48 105 155 187 215 100,000 110,000 52 115 170 203 235 110,000 120,000 58 127 189 227 262 120,000 130,000 64 140 208 250 288 130,000 140,000 70 153 227 272 315 140,000 150,000 75 166 246 296 340 150,000 160,000 81 179 265 318 368 160,000 170,000 87 192 284 341 394 170,000 180,000 93 204 304 364 420 180,000 190,000 99 217 323 387 446 190,000 200,000 105 230 342 409 473 200,000 210,000 111 243 361 432 499 210,000 220,000 116 256 380 455 526 220,000 230,000 122 269 399 478 552 230,000 240,000 128 282 418 501 578 240,000 and up 134 294 437 524 605 REV. Ammended return PROC. Ammended return 2012-23 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2012 Fair Market Value of Truck or Van Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $19,000 $19,500 1 4 5 6 7 19,500 20,000 2 4 6 7 9 20,000 20,500 2 5 7 8 10 20,500 21,000 2 5 8 10 11 21,000 21,500 3 6 9 10 13 21,500 22,000 3 6 10 12 14 22,000 23,000 3 8 11 14 15 23,000 24,000 4 9 13 16 18 24,000 25,000 4 10 15 19 21 25,000 26,000 5 11 17 21 24 26,000 27,000 6 12 19 23 26 27,000 28,000 6 14 21 25 29 28,000 29,000 7 15 23 27 32 29,000 30,000 7 17 24 30 34 30,000 31,000 8 18 26 32 37 31,000 32,000 9 19 28 34 40 32,000 33,000 9 20 31 36 42 33,000 34,000 10 21 33 39 44 34,000 35,000 10 23 34 41 48 35,000 36,000 11 24 36 44 50 36,000 37,000 12 25 38 46 53 37,000 38,000 12 27 40 48 55 38,000 39,000 13 28 42 50 58 39,000 40,000 13 29 44 53 60 40,000 41,000 14 31 45 55 63 41,000 42,000 14 32 48 57 66 42,000 43,000 15 33 50 59 69 43,000 44,000 16 34 52 61 72 44,000 45,000 16 36 53 64 74 45,000 46,000 17 37 55 66 77 46,000 47,000 17 38 58 68 79 47,000 48,000 18 40 59 70 82 48,000 49,000 19 41 61 73 84 49,000 50,000 19 42 63 75 87 50,000 51,000 20 43 65 78 89 51,000 52,000 20 45 66 80 93 52,000 53,000 21 46 68 83 95 53,000 54,000 21 48 70 84 98 54,000 55,000 22 49 72 87 100 55,000 56,000 23 50 74 89 103 56,000 57,000 23 51 76 92 105 57,000 58,000 24 52 78 94 108 58,000 59,000 24 54 80 96 111 59,000 60,000 25 55 82 98 114 60,000 62,000 26 57 85 101 118 62,000 64,000 27 60 88 106 123 64,000 66,000 28 62 93 110 128 66,000 68,000 29 65 96 115 134 68,000 70,000 30 67 100 120 139 70,000 72,000 32 70 103 125 144 72,000 74,000 33 72 108 129 149 74,000 76,000 34 75 111 134 155 76,000 78,000 35 78 115 138 160 78,000 80,000 36 80 119 143 165 80,000 85,000 38 85 125 151 175 85,000 90,000 41 91 135 163 187 90,000 95,000 44 98 144 174 201 95,000 100,000 47 104 154 185 214 100,000 110,000 52 113 169 202 234 110,000 120,000 57 127 187 225 261 120,000 130,000 63 139 207 248 287 130,000 140,000 69 152 226 271 313 140,000 150,000 75 165 245 294 339 150,000 160,000 81 178 264 316 366 160,000 170,000 87 190 283 340 392 170,000 180,000 92 204 302 362 419 180,000 190,000 98 216 322 385 445 190,000 200,000 104 229 340 409 471 200,000 210,000 110 242 359 431 498 210,000 220,000 116 255 378 454 524 220,000 230,000 122 267 398 477 551 230,000 240,000 127 281 416 500 577 240,000 and up 133 294 435 523 603 SECTION 5. Ammended return EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2012. Ammended return SECTION 6. Ammended return DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Ammended return Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Ammended return For further information regarding this revenue procedure, contact Mr. Ammended return Harvey at (202) 622-4930 (not a toll-free call). Ammended return Prev  Up  Next   Home   More Internal Revenue Bulletins