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1040x Tax

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1040x Tax

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

To get the best coverage at the best price, get several quotes from insurance companies. It may save you hundreds of dollars a year. Other ways to reduce your insurance premiums are:

  • Raise your deductibles on collision and comprehensive coverages. If you have an old car, you might want to drop these coverages altogether.
  • Take advantage of discounts. You may be eligible for a discount based on the number of miles you drive; your age (turning 25 or 50); your good grades if you are a student, your driving record (no moving vehicle violations or accidents in three years); or if you've taken a safe-driving course. You might also be able to get discounts if you insure more than one vehicle, insure your vehicle and your home with the same company, have anti-theft devices or have safety features such as air bags or anti-lock brake system.

Insurance Tips

  • When shopping for insurance on the Internet, check that the website is secure. Look for the lock icon, a URL that begins "https:" and never provide personal data if you don't trust the site.
  • Be wary of people selling insurance door-to-door and over the telephone.
  • Be suspicious if, after an accident, a stranger contacts you to offer "quick cash" or recommends a particular attorney, mechanic, or healthcare provider. Report the incident to your police department.
  • Don't give your insurance identification numbers to companies you don't know.
  • Carry a disposable camera in your glove compartment. If you are in an accident, take pictures of the damage and the people involved. Ask for names, telephone numbers and driver's license information for all those involved. Getting contact information for any witnesses is also a good idea.

The 1040x Tax

1040x tax Publication 3402 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. 1040x tax Tax questions. 1040x tax Useful Items - You may want to see: Reminder Photographs of missing children. 1040x tax  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. 1040x tax Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. 1040x tax 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. 1040x tax Introduction This publication provides federal income, employment, and excise tax information for limited liability companies. 1040x tax This publication does not address state law governing the formation, operation, or termination of limited liability companies. 1040x tax This publication does not address any state taxes. 1040x tax Comments and suggestions. 1040x tax   We welcome your comments about this publication and your suggestions for future editions. 1040x tax   You can write to us at the following address: Internal Revenue Service Business Forms and Publications Branch SE:W:CAR:MP:T:B 1111 Constitution Ave. 1040x tax NW, IR–6526 Washington, DC 20224   We respond to many letters by telephone. 1040x tax Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. 1040x tax   You can email us at *taxforms@irs. 1040x tax gov. 1040x tax (The asterisk must be included in the address. 1040x tax ) Please put “Publications Comment” on the subject line. 1040x tax Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. 1040x tax Ordering forms and publications. 1040x tax   Visit www. 1040x tax irs. 1040x tax gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. 1040x tax Internal Revenue Service1201 N. 1040x tax Mitsubishi MotorwayBloomington, IL 61705-6613 Tax questions. 1040x tax   If you have a tax question, check the information available on www. 1040x tax irs. 1040x tax gov or call 1-800-829-1040. 1040x tax We cannot answer tax questions sent to either of the above addresses. 1040x tax Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 505 Tax Withholding and Estimated Tax 535 Business Expenses 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 583 Starting a Business and Keeping Records 925 Passive Activity and At-Risk Rules Form (and Instructions) 1065 U. 1040x tax S. 1040x tax Return of Partnership Income 1120 U. 1040x tax S. 1040x tax Corporation Income Tax Return 1120S U. 1040x tax S. 1040x tax Income Tax Return for an S Corporation 2553 Election by a Small Business Corporation 8832 Entity Classification Election See How To Get More Information near the end of this publication for information about getting publications and forms. 1040x tax Prev  Up  Next   Home   More Online Publications