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Irs 1040ez

Irs 1040ez 3. Irs 1040ez   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. Irs 1040ez The allowance applies only for the first year you place the property in service. Irs 1040ez For qualified property placed in service in 2013, you can take an additional 50% special allowance. Irs 1040ez 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. Irs 1040ez This chapter explains what is qualified property. Irs 1040ez 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. Irs 1040ez Corporations can elect to accelerate certain minimum tax credits in lieu of claiming the special depreciation allowance for eligible qualified property. Irs 1040ez See Election to Accelerate Certain Credits in Lieu of the Special Depreciation Allowance , later. Irs 1040ez See chapter 6 for information about getting publications and forms. Irs 1040ez What Is Qualified Property? Your property is qualified property if it is one of the following. Irs 1040ez Qualified reuse and recycling property. Irs 1040ez Qualified cellulosic biofuel plant property. Irs 1040ez Qualified disaster assistance property. Irs 1040ez Certain qualified property acquired after December 31, 2007. Irs 1040ez The following discussions provide information about the types of qualified property listed above for which you can take the special depreciation allowance. Irs 1040ez Qualified Reuse and Recycling Property You can take a 50% special depreciation allowance for qualified reuse and recycling property. Irs 1040ez 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). Irs 1040ez Qualified reuse and recycling property also includes software necessary to operate such equipment. Irs 1040ez The property must meet the following requirements. Irs 1040ez The property must be depreciated under MACRS. Irs 1040ez The property must have a useful life of at least 5 years. Irs 1040ez The original use of the property must begin with you after August 31, 2008. Irs 1040ez 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. Irs 1040ez The property must be placed in service for use in your trade or business after August 31, 2008. Irs 1040ez Excepted Property Qualified reuse and recycling property does not include any of the following. Irs 1040ez Any rolling stock or other equipment used to transport reuse or recyclable materials. Irs 1040ez Property required to be depreciated using the Alternative Depreciation System (ADS). Irs 1040ez 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 . Irs 1040ez Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs 1040ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs 1040ez Property placed in service and disposed of in the same tax year. Irs 1040ez Property converted from business use to personal use in the same tax year acquired. Irs 1040ez Property converted from personal use to business use in the same or later tax year may be qualified reuse and recycling property. Irs 1040ez Qualified Cellulosic Biofuel Plant Property You can take a 50% special depreciation allowance for qualified cellulosic biofuel plant property. Irs 1040ez Cellulosic biofuel is any liquid fuel which is produced from any lignocellulosic or hemicellulosic matter that is available on a renewable or recurring basis. Irs 1040ez Examples include bagasse (from sugar cane), corn stalks, and switchgrass. Irs 1040ez The property must meet the following requirements. Irs 1040ez The property is used in the United States solely to produce cellulosic biofuel. Irs 1040ez The original use of the property must begin with you after December 20, 2006. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez Note. Irs 1040ez 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)). Irs 1040ez 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. Irs 1040ez Special Rules Sale-leaseback. Irs 1040ez   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. Irs 1040ez   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. Irs 1040ez Syndicated leasing transactions. Irs 1040ez   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. Irs 1040ez   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. Irs 1040ez Excepted Property Qualified cellulosic biofuel plant property does not include any of the following. Irs 1040ez Property placed in service and disposed of in the same tax year. Irs 1040ez Property converted from business use to personal use in the same tax year it is acquired. Irs 1040ez Property converted from personal use to business use in the same or later tax year may be qualified cellulosic biomass ethanol plant property. Irs 1040ez Property required to be depreciated using the Alternative Depreciation System (ADS). Irs 1040ez 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 . Irs 1040ez 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. Irs 1040ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs 1040ez Property for which a deduction was taken under section 179C for certain qualified refinery property. Irs 1040ez Other bonus depreciation property to which section 168(k) of the Internal Revenue Code applies. Irs 1040ez 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. Irs 1040ez A list of the federally declared disaster areas is available at the FEMA website at www. Irs 1040ez fema. Irs 1040ez gov. Irs 1040ez Your property is qualified disaster assistance property if it meets the following requirements. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez The property must rehabilitate property damaged, or replace property destroyed or condemned, as a result of the applicable federally declared disaster. Irs 1040ez The property must be similar in nature to, and located in the same county as, the rehabilitated or replaced property. Irs 1040ez The original use of the property within the applicable disaster area must have begun with you on or after the applicable disaster date. Irs 1040ez The property is placed in service by you on or before the date which is the last day of the fourth calendar year. Irs 1040ez 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. Irs 1040ez It is not excepted property (explained later in Excepted Property ). Irs 1040ez Special Rules Sale-leaseback. Irs 1040ez   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. Irs 1040ez   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. Irs 1040ez Syndicated leasing transactions. Irs 1040ez   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. Irs 1040ez   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. Irs 1040ez Excepted Property Qualified disaster assistance property does not include any of the following. Irs 1040ez Property required to be depreciated using the Alternative Depreciation System (ADS). Irs 1040ez 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 . Irs 1040ez Property any portion of which is financed with the proceeds of a tax-exempt obligation under section 103 of the Internal Revenue Code. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez Any property for which the special allowance under section 168(k) or section 1400N(d) of the Internal Revenue Code applies. Irs 1040ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs 1040ez Property placed in service and disposed of in the same tax year. Irs 1040ez Property converted from business use to personal use in the same tax year acquired. Irs 1040ez Property converted from personal use to business use in the same or later tax year may be qualified disaster assistance property. Irs 1040ez Any gambling or animal racing property (defined later). Irs 1040ez Qualified revitalization building. Irs 1040ez   This is a commercial building and its structural components that you placed in service in a renewal community before January 1, 2010. Irs 1040ez If the building is new, the original use of the building must begin with you. Irs 1040ez If the building is not new, you must substantially rehabilitate the building and then place it in service. Irs 1040ez For more information, including definitions of substantially rehabilitated building and qualified revitalization expenditure, see section 1400I(b) of the Internal Revenue Code. Irs 1040ez Gambling or animal racing property. Irs 1040ez   Gambling or animal racing property includes the following personal and real property. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez Your property is qualified property if it meets the following requirements. Irs 1040ez It is one of the following types of property. Irs 1040ez Tangible property depreciated under MACRS with a recovery period of 20 years or less. Irs 1040ez Water utility property. Irs 1040ez Computer software that is readily available for purchase by the general public, is subject to a nonexclusive license, and has not been substantially modified. Irs 1040ez (The cost of some computer software is treated as part of the cost of hardware and is depreciated under MACRS. Irs 1040ez ) Qualified leasehold improvement property (defined under Qualified leasehold improvement property later). Irs 1040ez You must have acquired the property after December 31, 2007, with no binding written contract for the acquisition in effect before January 1, 2008. Irs 1040ez 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)). Irs 1040ez The original use of the property must begin with you after December 31, 2007. Irs 1040ez It is not excepted property (explained later in Excepted property). Irs 1040ez Qualified leasehold improvement property. Irs 1040ez    Generally, this is any improvement to an interior part of a building that is nonresidential real property, if all the following requirements are met. Irs 1040ez 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. Irs 1040ez That part of the building is to be occupied exclusively by the lessee (or any sublessee) of that part. Irs 1040ez The improvement is placed in service more than 3 years after the date the building was first placed in service by any person. Irs 1040ez The improvement is section 1250 property. Irs 1040ez See chapter 3 in Publication 544, Sales and Other Dispositions of Assets, for the definition of section 1250 property. Irs 1040ez   However, a qualified leasehold improvement does not include any improvement for which the expenditure is attributable to any of the following. Irs 1040ez The enlargement of the building. Irs 1040ez Any elevator or escalator. Irs 1040ez Any structural component benefiting a common area. Irs 1040ez The internal structural framework of the building. Irs 1040ez   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. Irs 1040ez However, a lease between related persons is not treated as a lease. Irs 1040ez Related persons. Irs 1040ez   For this purpose, the following are related persons. Irs 1040ez Members of an affiliated group. Irs 1040ez 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. Irs 1040ez A corporation and an individual who directly or indirectly owns 80% or more of the value of the outstanding stock of that corporation. Irs 1040ez Two corporations that are members of the same controlled group. Irs 1040ez 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. Irs 1040ez The grantor and fiduciary, and the fiduciary and beneficiary, of any trust. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez A corporation and a partnership if the same persons own both of the following. Irs 1040ez 80% or more of the value of the outstanding stock of the corporation. Irs 1040ez 80% or more of the capital or profits interest in the partnership. Irs 1040ez The executor and beneficiary of any estate. Irs 1040ez Long Production Period Property To be qualified property, long production period property must meet the following requirements. Irs 1040ez It must meet the requirements in (2)-(5), above. Irs 1040ez The property has a recovery period of at least 10 years or is transportation property. Irs 1040ez Transportation property is tangible personal property used in the trade or business of transporting persons or property. Irs 1040ez The property is subject to section 263A of the Internal Revenue Code. Irs 1040ez The property has an estimated production period exceeding 1 year and an estimated production cost exceeding $1,000,000. Irs 1040ez Noncommercial Aircraft To be qualified property, noncommercial aircraft must meet the following requirements. Irs 1040ez It must meet the requirements in (2)-(5), above. Irs 1040ez 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). Irs 1040ez 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. Irs 1040ez The aircraft must have an estimated production period exceeding four months and a cost exceeding $200,000. Irs 1040ez Special Rules Sale-leaseback. Irs 1040ez   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. Irs 1040ez   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. Irs 1040ez Syndicated leasing transactions. Irs 1040ez   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. Irs 1040ez   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. Irs 1040ez Excepted Property Qualified property does not include any of the following. Irs 1040ez Property placed in service and disposed of in the same tax year. Irs 1040ez Property converted from business use to personal use in the same tax year acquired. Irs 1040ez Property converted from personal use to business use in the same or later tax year may be qualified property. Irs 1040ez Property required to be depreciated under the Alternative Depreciation System (ADS). Irs 1040ez This includes listed property used 50% or less in a qualified business use. Irs 1040ez 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 . Irs 1040ez Qualified restaurant property (as defined in section 168(e)(7) of the Internal Revenue Code). Irs 1040ez Qualified retail improvement property (as defined in section 168(e)(8) of the Internal Revenue Code). Irs 1040ez Property for which you elected not to claim any special depreciation allowance (discussed later). Irs 1040ez Property for which you elected to accelerate certain credits in lieu of the special depreciation allowance (discussed next). Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez See Which Depreciation Method Applies in chapter 4 . Irs 1040ez Once made, the election cannot be revoked without IRS consent. Irs 1040ez Additional guidance. Irs 1040ez   For additional guidance on the election to accelerate the research or minimum tax credit in lieu of claiming the special depreciation allowance, see Rev. Irs 1040ez Proc. Irs 1040ez 2008-65 on page 1082 of Internal Revenue Bulletin 2008-44, available at www. Irs 1040ez irs. Irs 1040ez gov/pub/irs-irbs/irb08-44. Irs 1040ez pdf, Rev. Irs 1040ez Proc. Irs 1040ez 2009-16 on page 449 of Internal Revenue Bulletin 2009-06, available at www. Irs 1040ez irs. Irs 1040ez gov/pub/irs-irbs/irb09-06. Irs 1040ez pdf, and Rev. Irs 1040ez Proc. Irs 1040ez 2009-33 on page 150 of Internal Revenue Bulletin 2009-29, available at www. Irs 1040ez irs. Irs 1040ez gov/pub/irs-irbs/irb09-29. Irs 1040ez pdf. Irs 1040ez Also, see Form 3800, General Business Credit; Form 8827, Credit for Prior Year Minimum Tax — Corporations; and related instructions. Irs 1040ez   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. Irs 1040ez irs. Irs 1040ez gov/irb. Irs 1040ez 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%. Irs 1040ez For qualified property other than listed property, enter the special allowance on line 14 in Part II of Form 4562. Irs 1040ez For qualified property that is listed property, enter the special allowance on line 25 in Part V of Form 4562. Irs 1040ez If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Irs 1040ez Depreciable basis. Irs 1040ez   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. Irs 1040ez   The following are examples of some credits and deductions that reduce depreciable basis. Irs 1040ez Any section 179 deduction. Irs 1040ez Any deduction for removal of barriers to the disabled and the elderly. Irs 1040ez Any disabled access credit, enhanced oil recovery credit, and credit for employer-provided childcare facilities and services. Irs 1040ez Basis adjustment to investment credit property under section 50(c) of the Internal Revenue Code. Irs 1040ez   For additional credits and deductions that affect basis, see section 1016 of the Internal Revenue Code. Irs 1040ez   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 . Irs 1040ez 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 . Irs 1040ez Depreciating the remaining cost. Irs 1040ez   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 . Irs 1040ez Therefore, you must reduce the depreciable basis of the property by the special depreciation allowance before figuring your regular MACRS depreciation deduction. Irs 1040ez Example. Irs 1040ez On November 1, 2013, Tom Brown bought and placed in service in his business qualified property that cost $450,000. Irs 1040ez He did not elect to claim a section 179 deduction. Irs 1040ez He deducts 50% of the cost ($225,000) as a special depreciation allowance for 2013. Irs 1040ez He uses the remaining $225,000 of cost to figure his regular MACRS depreciation deduction for 2013 and later years. Irs 1040ez Like-kind exchanges and involuntary conversions. Irs 1040ez   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. Irs 1040ez After you figure your special allowance, you can use the remaining carryover basis to figure your regular MACRS depreciation deduction. Irs 1040ez 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. Irs 1040ez See Figuring the Deduction for Property Acquired in a Nontaxable Exchange , in chapter 4 under How Is the Depreciation Deduction Figured . Irs 1040ez The excess basis (the part of the acquired property's basis that exceeds its carryover basis) is also eligible for a special depreciation allowance. Irs 1040ez 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. Irs 1040ez 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. Irs 1040ez When to make election. Irs 1040ez   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. Irs 1040ez   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). Irs 1040ez Attach the election statement to the amended return. Irs 1040ez On the amended return, write “Filed pursuant to section 301. Irs 1040ez 9100-2. Irs 1040ez ” Revoking an election. Irs 1040ez   Once you elect not to deduct a special depreciation allowance for a class of property, you cannot revoke the election without IRS consent. Irs 1040ez A request to revoke the election is a request for a letter ruling. Irs 1040ez If you elect not to have any special allowance apply, the property may be subject to an alternative minimum tax adjustment for depreciation. Irs 1040ez 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. Irs 1040ez See When Do You Recapture MACRS Depreciation in chapter 4 or more information. Irs 1040ez Recapture of allowance deducted for qualified GO Zone property. Irs 1040ez   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. Irs 1040ez For additional guidance, see Notice 2008-25 on page 484 of Internal Revenue Bulletin 2008-9. Irs 1040ez Qualified cellulosic biomass ethanol plant property and qualified cellulosic biofuel plant property. Irs 1040ez   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. Irs 1040ez Recapture of allowance for qualified Recovery Assistance property. Irs 1040ez   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. Irs 1040ez For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs 1040ez Recapture of allowance for qualified disaster assistance property. Irs 1040ez   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. Irs 1040ez   For additional guidance, see Notice 2008-67 on page 307 of Internal Revenue Bulletin 2008-32. Irs 1040ez Prev  Up  Next   Home   More Online Publications
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Tax Information for Other Non-Profits

Life Cycle of an Exempt Organization
Links to helpful information about points of intersection between tax-exempt organizations and the IRS, including access to explanatory information and forms that an organization may need to file with the IRS.

Requirements for Exemption
A brief description of the requirements for exemption under the Internal Revenue Code, other than section 501(c)(3).

Application for recognition of exemption
Procedures for applying for exemption under IRC section 501(c).

Exempt Organizations - Required Filings
Federal annual tax filings for tax-exempt organizations.

Solicitation Notice
A brief description of the solicitation notice requirements under IRC section 6113.

Proxy tax: Tax-exempt organization fails to notify members that dues are nondeductible lobbying/political expenditures
A description of the notice, reporting, and tax requirements for certain tax-exempt organizations that incur nondeductible lobbying and political expenditures.

Employment Taxes for Exempt Organizations
Links to information about employment taxes for tax-exempt organizations.

Recent Items of Interest to Other Non-Profit Organizations
Recent items of interest to nonprofit organizations other than charitable organizations.

Tax-Exempt Organizations and Political Campaign Intervention
IRS materials on political campaign intervention by tax-exempt organizations.

Unrelated Business Income Tax
Unrelated business income tax requirements for tax-exempt organizations.

Publication 4221-NC, Compliance Guide for Tax-Exempt Organizations (Other than Charities)
A publication discussing activities that could jeopardize a tax-exempt organization's exempt status and identifying general compliance requirements on recordkeeping, reporting, and disclosure for exempt organizations.

Page Last Reviewed or Updated: 06-Mar-2014

The Irs 1040ez

Irs 1040ez Publication 537 - Introductory Material Table of Contents Future Developments Reminder IntroductionOrdering forms and publications. Irs 1040ez Tax questions. Irs 1040ez Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 537, such as legislation enacted after it was published, go to www. Irs 1040ez irs. Irs 1040ez gov/pub537. Irs 1040ez Reminder Photographs of missing children. Irs 1040ez  The Internal Revenue Service (IRS) is a proud partner with the National Center for Missing and Exploited Children. Irs 1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Irs 1040ez 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. Irs 1040ez Introduction Note. Irs 1040ez Section references within this publication are to the Internal Revenue Code and regulation references are to the Income Tax Regulations under the Code. Irs 1040ez An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Irs 1040ez If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. Irs 1040ez This method of reporting gain is called the installment method. Irs 1040ez You cannot use the installment method to report a loss. Irs 1040ez You can choose to report all of your gain in the year of sale. Irs 1040ez This publication discusses the general rules that apply to using the installment method. Irs 1040ez It also discusses more complex rules that apply only when certain conditions exist or certain types of property are sold. Irs 1040ez If you sell your home or other nonbusiness property under an installment plan, you may need to read only the General Rules . Irs 1040ez If you sell business or rental property or have a like-kind exchange or other complex situation, also see the appropriate discussion under Other Rules . Irs 1040ez Comments and suggestions. Irs 1040ez   We welcome your comments about this publication and your suggestions for future editions. Irs 1040ez   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs 1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Irs 1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Irs 1040ez   You can send your comments from www. Irs 1040ez irs. Irs 1040ez gov/formspubs/. Irs 1040ez Click on “More Information” and then on “Comment on Tax Forms and Publications. Irs 1040ez ”   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. Irs 1040ez Ordering forms and publications. Irs 1040ez   Visit www. Irs 1040ez irs. Irs 1040ez gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Irs 1040ez Internal Revenue Service 1201 N. Irs 1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Irs 1040ez   If you have a tax question, check the information available on IRS. Irs 1040ez gov or call 1-800-829-1040. Irs 1040ez We cannot answer tax questions sent to either of the above addresses. Irs 1040ez Useful Items - You may want to see: Publication 523 Selling Your Home 541 Partnerships 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 551 Basis of Assets 4895 Tax Treatment of Property Acquired From a Decedent Dying in 2010 Form (and Instructions) 4797 Sales of Business Property 6252 Installment Sale Income  See How To Get Tax Help near the end of this publication for information about getting publications and forms. Irs 1040ez Prev  Up  Next   Home   More Online Publications