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Irs Amendment

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Irs Amendment

Irs amendment 3. Irs amendment   Exclusions From Gross Income Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Resident AliensForeign Earned Income and Housing Amount Nonresident AliensInterest Income Dividend Income Services Performed for Foreign Employer Gambling Winnings From Dog or Horse Racing Gain From the Sale of Your Main Home Scholarships and Fellowship GrantsExpenses that do not qualify. Irs amendment Introduction Resident and nonresident aliens are allowed exclusions from gross income if they meet certain conditions. Irs amendment An exclusion from gross income is generally income you receive that is not included in your U. Irs amendment S. Irs amendment income and is not subject to U. Irs amendment S. Irs amendment tax. Irs amendment This chapter covers some of the more common exclusions allowed to resident and nonresident aliens. Irs amendment Topics - This chapter discusses: Nontaxable interest, Nontaxable dividends, Certain compensation paid by a foreign employer, Gain from sale of home, and Scholarships and fellowship grants. Irs amendment Useful Items - You may want to see: Publication 54 Tax Guide for U. Irs amendment S. Irs amendment Citizens and Resident Aliens Abroad 523 Selling Your Home See chapter 12 for information about getting these publications. Irs amendment Resident Aliens Resident aliens may be able to exclude the following items from their gross income. Irs amendment Foreign Earned Income and Housing Amount If you are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months, you may qualify for the foreign earned income exclusion. Irs amendment The exclusion is $97,600 in 2013. Irs amendment In addition, you may be able to exclude or deduct certain foreign housing amounts. Irs amendment You may also qualify if you are a bona fide resident of a foreign country and you are a citizen or national of a country with which the United States has an income tax treaty. Irs amendment For more information, see Publication 54. Irs amendment Foreign country. Irs amendment    A foreign country is any territory under the sovereignty of a government other than that of the United States. Irs amendment   The term “foreign country” includes the country's territorial waters and airspace, but not international waters and the airspace above them. Irs amendment It also includes the seabed and subsoil of those submarine areas adjacent to the country's territorial waters over which it has exclusive rights under international law to explore and exploit the natural resources. Irs amendment   The term “foreign country” does not include U. Irs amendment S. Irs amendment possessions or territories. Irs amendment It does not include the Antarctic region. Irs amendment Nonresident Aliens Nonresident aliens can exclude the following items from their gross income. Irs amendment Interest Income Interest income that is not connected with a U. Irs amendment S. Irs amendment trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business, Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), and Amounts held by an insurance company under an agreement to pay interest on them. Irs amendment State and local government obligations. Irs amendment   Interest on obligations of a state or political subdivision, the District of Columbia, or a U. Irs amendment S. Irs amendment possession, generally is not included in income. Irs amendment However, interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income. Irs amendment Portfolio interest. Irs amendment   Interest and original issue discount that qualifies as portfolio interest is not subject to NRA withholding. Irs amendment To qualify as portfolio interest, the interest must be paid on obligations issued after July 18, 1984, and otherwise subject to NRA withholding. Irs amendment Note. Irs amendment For obligations issued after March 18, 2012, portfolio interest does not include interest paid on debt that is not in registered form. Irs amendment Before March 19, 2012, portfolio interest included interest on certain registered and nonregistered (bearer) bonds if the obligations meet the requirements described below. Irs amendment Obligations in registered form. Irs amendment   Portfolio interest includes interest paid on an obligation that is in registered form, and for which you have received documentation that the beneficial owner of the obligation is not a United States person. Irs amendment   Generally, an obligation is in registered form if: (i) the obligation is registered as to both principal and any stated interest with the issuer (or its agent) and any transfer of the obligation may be effected only by surrender of the old obligation and reissuance to the new holder; (ii) the right to principal and stated interest with respect to the obligation may be transferred only through a book entry system maintained by the issuer or its agent; or (iii) the obligation is registered as to both principal and stated interest with the issuer or its agent and can be transferred both by surrender and reissuance and through a book entry system. Irs amendment   An obligation that would otherwise be considered to be in registered form is not considered to be in registered form as of a particular time if it can be converted at any time in the future into an obligation that is not in registered form. Irs amendment For more information on whether obligations are considered to be in registered form, see Portfolio interest in Publication 515. Irs amendment Obligations not in registered form. Irs amendment    For obligations issued before March 19, 2012, interest on an obligation that is not in registered form (bearer obligation) is portfolio interest if the obligation is foreign-targeted. Irs amendment A bearer obligation is foreign-targeted if: There are arrangements to ensure that the obligation will be sold, or resold in connection with the original issue, only to a person who is not a United States person, Interest on the obligation is payable only outside the United States and its possessions, and The face of the obligation contains a statement that any United States person who holds the obligation will be subject to limits under the United States income tax laws. Irs amendment   Documentation is not required for interest on bearer obligations to qualify as portfolio interest. Irs amendment In some cases, however, you may need documentation for purposes of Form 1099 reporting and backup withholding. Irs amendment Interest that does not qualify as portfolio interest. Irs amendment   Payments to certain persons and payments of contingent interest do not qualify as portfolio interest. Irs amendment You must withhold at the statutory rate on such payments unless some other exception, such as a treaty provision, applies. Irs amendment Contingent interest. Irs amendment   Portfolio interest does not include contingent interest. Irs amendment Contingent interest is either of the following: Interest that is determined by reference to: Any receipts, sales, or other cash flow of the debtor or related person, Income or profits of the debtor or related person, Any change in value of any property of the debtor or a related person, or Any dividend, partnership distributions, or similar payments made by the debtor or a related person. Irs amendment For exceptions, see Internal Revenue Code section 871(h)(4)(C). Irs amendment Any other type of contingent interest that is identified by the Secretary of the Treasury in regulations. Irs amendment Related persons. Irs amendment   Related persons include the following. Irs amendment Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. Irs amendment ), and lineal descendants (children, grandchildren, etc. Irs amendment ). Irs amendment Any person who is a party to any arrangement undertaken for the purpose of avoiding the contingent interest rules. Irs amendment Certain corporations, partnerships, and other entities. Irs amendment For details, see Nondeductible Loss in chapter 2 of Publication 544. Irs amendment Exception for existing debt. Irs amendment   Contingent interest does not include interest paid or accrued on any debt with a fixed term that was issued: On or before April 7, 1993, or After April 7, 1993, pursuant to a written binding contract in effect on that date and at all times thereafter before that debt was issued. Irs amendment Dividend Income The following dividend income is exempt from the 30% tax. Irs amendment Certain dividends paid by foreign corporations. Irs amendment   There is no 30% tax on U. Irs amendment S. Irs amendment source dividends you receive from a foreign corporation. Irs amendment See Second exception under Dividends in chapter 2 for how to figure the amount of U. Irs amendment S. Irs amendment source dividends. Irs amendment Certain interest-related dividends. Irs amendment   There is no 30% tax on interest-related dividends from sources within the United States that you receive from a mutual fund or other regulated investment company in 2013. Irs amendment The mutual fund will designate in writing which dividends are interest-related dividends. Irs amendment Certain short-term capital gain dividends. Irs amendment   There may not be any 30% tax on certain short-term capital gain dividends from sources within the United States that you receive from a mutual fund or other regulated investment company. Irs amendment The mutual fund will designate in writing which dividends are short-term capital gain dividends. Irs amendment This tax relief will not apply to you if you are present in the United States for 183 days or more during your tax year. Irs amendment Services Performed for Foreign Employer If you were paid by a foreign employer, your U. Irs amendment S. Irs amendment source income may be exempt from U. Irs amendment S. Irs amendment tax, but only if you meet one of the situations discussed next. Irs amendment Employees of foreign persons, organizations, or offices. Irs amendment   Income for personal services performed in the United States as a nonresident alien is not considered to be from U. Irs amendment S. Irs amendment sources and is tax exempt if you meet all three of the following conditions. Irs amendment You perform personal services as an employee of or under a contract with a nonresident alien individual, foreign partnership, or foreign corporation, not engaged in a trade or business in the United States; or you work for an office or place of business maintained in a foreign country or possession of the United States by a U. Irs amendment S. Irs amendment corporation, a U. Irs amendment S. Irs amendment partnership, or a U. Irs amendment S. Irs amendment citizen or resident. Irs amendment You perform these services while you are a nonresident alien temporarily present in the United States for a period or periods of not more than a total of 90 days during the tax year. Irs amendment Your pay for these services is not more than $3,000. Irs amendment If you do not meet all three conditions, your income from personal services performed in the United States is U. Irs amendment S. Irs amendment source income and is taxed according to the rules in chapter 4. Irs amendment   If your pay for these services is more than $3,000, the entire amount is income from a trade or business within the United States. Irs amendment To find if your pay is more than $3,000, do not include any amounts you get from your employer for advances or reimbursements of business travel expenses, if you were required to and did account to your employer for those expenses. Irs amendment If the advances or reimbursements are more than your expenses, include the excess in your pay for these services. Irs amendment   A day means a calendar day during any part of which you are physically present in the United States. Irs amendment Example 1. Irs amendment During 2013, Henry Smythe, a nonresident alien from a nontreaty country, worked for an overseas office of a U. Irs amendment S. Irs amendment partnership. Irs amendment Henry, who uses the calendar year as his tax year, was temporarily present in the United States for 60 days during 2013 performing personal services for the overseas office of the partnership. Irs amendment That office paid him a total gross salary of $2,800 for those services. Irs amendment During 2013, he was not engaged in a trade or business in the United States. Irs amendment The salary is not considered U. Irs amendment S. Irs amendment source income and is exempt from U. Irs amendment S. Irs amendment tax. Irs amendment Example 2. Irs amendment The facts are the same as in Example 1, except that Henry's total gross salary for the services performed in the United States during 2013 was $4,500. Irs amendment He received $2,875 in 2013, and $1,625 in 2014. Irs amendment During 2013, he was engaged in a trade or business in the United States because the compensation for his personal services in the United States was more than $3,000. Irs amendment Henry's salary is U. Irs amendment S. Irs amendment source income and is taxed under the rules in chapter 4. Irs amendment Crew members. Irs amendment   Compensation for services performed by a nonresident alien in connection with the individual's temporary presence in the United States as a regular crew member of a foreign vessel (for example, a boat or ship) engaged in transportation between the United States and a foreign country or U. Irs amendment S. Irs amendment possession is not U. Irs amendment S. Irs amendment source income and is exempt from U. Irs amendment S. Irs amendment tax. Irs amendment This exemption does not apply to compensation for services performed on foreign aircraft. Irs amendment Students and exchange visitors. Irs amendment   Nonresident alien students and exchange visitors present in the United States under “F,” “J,” or “Q” visas can exclude from gross income pay received from a foreign employer. Irs amendment   This group includes bona fide students, scholars, trainees, teachers, professors, research assistants, specialists, or leaders in a field of specialized knowledge or skill, or persons of similar description. Irs amendment It also includes the alien's spouse and minor children if they come with the alien or come later to join the alien. Irs amendment   A nonresident alien temporarily present in the United States under a “J” visa includes an alien individual entering the United States as an exchange visitor under the Mutual Educational and Cultural Exchange Act of 1961. Irs amendment Foreign employer. Irs amendment   A foreign employer is: A nonresident alien individual, foreign partnership, or foreign corporation, or An office or place of business maintained in a foreign country or in a U. Irs amendment S. Irs amendment possession by a U. Irs amendment S. Irs amendment corporation, a U. Irs amendment S. Irs amendment partnership, or an individual who is a U. Irs amendment S. Irs amendment citizen or resident. Irs amendment   The term “foreign employer” does not include a foreign government. Irs amendment Pay from a foreign government that is exempt from U. Irs amendment S. Irs amendment income tax is discussed in chapter 10. Irs amendment Income from certain annuities. Irs amendment   Do not include in income any annuity received under a qualified annuity plan or from a qualified trust exempt from U. Irs amendment S. Irs amendment income tax if you meet both of the following conditions. Irs amendment You receive the annuity only because: You performed personal services outside the United States while you were a nonresident alien, or You performed personal services inside the United States while you were a nonresident alien and you met the three conditions, described earlier, under Employees of foreign persons, organizations, or offices . Irs amendment At the time the first amount is paid as an annuity under the plan (or by the trust), 90% or more of the employees for whom contributions or benefits are provided under the annuity plan (or under the plan of which the trust is a part) are U. Irs amendment S. Irs amendment citizens or residents. Irs amendment   If the annuity qualifies under condition (1) but not condition (2) above, you do not have to include the amount in income if: You are a resident of a country that gives a substantially equal exclusion to U. Irs amendment S. Irs amendment citizens and residents, or You are a resident of a beneficiary developing country under Title V of the Trade Act of 1974. Irs amendment   If you are not sure whether the annuity is from a qualified annuity plan or qualified trust, ask the person who made the payment. Irs amendment Income affected by treaties. Irs amendment   Income of any kind that is exempt from U. Irs amendment S. Irs amendment tax under a treaty to which the United States is a party is excluded from your gross income. Irs amendment Income on which the tax is only limited by treaty, however, is included in gross income. Irs amendment See chapter 9. Irs amendment Gambling Winnings From Dog or Horse Racing You can exclude from your gross income winnings from legal wagers initiated outside the United States in a parimutuel pool with respect to a live horse or dog race in the United States. Irs amendment Gain From the Sale of Your Main Home If you sold your main home, you may be able to exclude up to $250,000 of the gain on the sale of your home. Irs amendment If you are married and file a joint return, you may be able to exclude up to $500,000. Irs amendment For information on the requirements for this exclusion, see Publication 523. Irs amendment This exclusion does not apply to nonresident aliens who are subject to the expatriation tax rules discussed in chapter 4. Irs amendment Scholarships and Fellowship Grants If you are a candidate for a degree, you may be able to exclude from your income part or all of the amounts you receive as a qualified scholarship. Irs amendment The rules discussed here apply to both resident and nonresident aliens. Irs amendment If a nonresident alien receives a grant that is not from U. Irs amendment S. Irs amendment sources, it is not subject to U. Irs amendment S. Irs amendment tax. Irs amendment See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your grant is from U. Irs amendment S. Irs amendment sources. Irs amendment A scholarship or fellowship is excludable from income only if: You are a candidate for a degree at an eligible educational institution, and You use the scholarship or fellowship to pay qualified education expenses. Irs amendment Candidate for a degree. Irs amendment   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. Irs amendment Eligible educational institution. Irs amendment   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Irs amendment Qualified education expenses. Irs amendment   These are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Irs amendment These items must be required of all students in your course of instruction. Irs amendment However, in order for these to be qualified education expenses, the terms of the scholarship or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses. Irs amendment Expenses that do not qualify. Irs amendment   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Irs amendment This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. Irs amendment Scholarship or fellowship amounts used to pay these costs are taxable. Irs amendment Amounts used to pay expenses that do not qualify. Irs amendment   A scholarship amount used to pay any expense that does not qualify is taxable, even if the expense is a fee that must be paid to the institution as a condition of enrollment or attendance. Irs amendment Payment for services. Irs amendment   You cannot exclude from income the portion of any scholarship, fellowship, or tuition reduction that represents payment for past, present, or future teaching, research, or other services. Irs amendment This is true even if all candidates for a degree are required to perform the services as a condition for receiving the degree. Irs amendment Example. Irs amendment On January 7, Maria Gomez is notified of a scholarship of $2,500 for the spring semester. Irs amendment As a condition for receiving the scholarship, Maria must serve as a part-time teaching assistant. Irs amendment Of the $2,500 scholarship, $1,000 represents payment for her services. Irs amendment Assuming that Maria meets all other conditions, she can exclude no more than $1,500 from income as a qualified scholarship. Irs amendment Prev  Up  Next   Home   More Online Publications
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Fake Form W-8BEN Used in IRS Tax Scams

Remember:
You can only submit Form W-8BEN directly to your
withholding agent.

The Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) is a legitimate U.S. tax exemption document.

However, fraudsters typically target non-residents of the U.S. and use the W-8BEN format to acquire personal details such as,

  • mother's maiden name,
  • passport number,
  • date of birth,
  • PIN numbers and passcodes.

The legitimate IRS Form W-8BEN, does not ask for any of that information.
The fraudulent forms use various angles that may claim, for example:

  • Anti-money laundering regulations require a review of your client information and ask you to complete the form.
  • You are exempt from tax reporting and withholdings on income including interest paid to you. To protect your exemption from tax please complete the attached form.

What do I do if I receive such a scam form via email, fax, mail, or other format?

  1. Do not reply.
  2. Do not open any attachments.
    Attachments may contain malicious code that will infect your computer.
  3. Do not click on any links.
    If you clicked on links in a suspicious email or phishing website and entered confidential information, visit our identity protection page.
  4. Forward the email as-is, to us at phishing@irs.gov.
  5. After you forward the email and/or header information to us, delete the original email message you received.

Related information

Page Last Reviewed or Updated: 24-Mar-2014

The Irs Amendment

Irs amendment Internal Revenue Bulletin:  2010-9  March 1, 2010  Rev. Irs amendment Proc. Irs amendment 2010-18 Table of Contents SECTION 1. Irs amendment PURPOSE SECTION 2. Irs amendment BACKGROUND SECTION 3. Irs amendment SCOPE SECTION 4. Irs amendment APPLICATION SECTION 5. Irs amendment EFFECTIVE DATE SECTION 6. Irs amendment DRAFTING INFORMATION SECTION 1. Irs amendment 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 2010, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2010, including a separate table of inclusion amounts for lessees of trucks and vans. Irs amendment 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. Irs amendment SECTION 2. Irs amendment BACKGROUND . Irs amendment 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. Irs amendment Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. Irs amendment 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. Irs amendment This change reflects the higher rate of price inflation for trucks and vans since 1988. Irs amendment . Irs amendment 02 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. Irs amendment The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Irs amendment Under § 1. Irs amendment 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. Irs amendment One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. Irs amendment Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. Irs amendment SECTION 3. Irs amendment SCOPE . Irs amendment 01 The limitations on depreciation deductions in section 4. Irs amendment 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 2010, and continue to apply for each taxable year that the passenger automobile remains in service. Irs amendment . Irs amendment 02 The tables in section 4. Irs amendment 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2010. Irs amendment 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. Irs amendment See Rev. Irs amendment Proc. Irs amendment 2005-13, 2005-1 C. Irs amendment B. Irs amendment 759, for passenger automobiles first leased before calendar year 2006; Rev. Irs amendment Proc. Irs amendment 2006-18, 2006-1 C. Irs amendment B. Irs amendment 645, for passenger automobiles first leased during calendar year 2006; Rev. Irs amendment Proc. Irs amendment 2007-30, 2007-1 C. Irs amendment B. Irs amendment 1104, for passenger automobiles first leased during calendar year 2007; Rev. Irs amendment Proc. Irs amendment 2008-22, 2008-12 I. Irs amendment R. Irs amendment B. Irs amendment 658, for passenger automobiles first leased during calendar year 2008; and Rev. Irs amendment Proc. Irs amendment 2009-24, 2009-17 I. Irs amendment R. Irs amendment B. Irs amendment 885, for passenger automobiles first leased during calendar year 2009. Irs amendment SECTION 4. Irs amendment APPLICATION . Irs amendment 01 Limitations on Depreciation Deductions for Certain Automobiles. Irs amendment (1) Amount of the inflation adjustment. Irs amendment (a) Passenger automobiles (other than trucks or vans). Irs amendment 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. Irs amendment The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. Irs amendment The new car component of the CPI was 115. Irs amendment 2 for October 1987 and 137. Irs amendment 851 for October 2009. Irs amendment The October 2009 index exceeded the October 1987 index by 22. Irs amendment 651. Irs amendment Therefore, the automobile price inflation adjustment for 2010 for passenger automobiles (other than trucks and vans) is 19. Irs amendment 66 percent (22. Irs amendment 651/115. Irs amendment 2 x 100%). Irs amendment The dollar limitations in § 280F(a) are multiplied by a factor of 0. Irs amendment 1966, 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 2010. Irs amendment This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2010. Irs amendment (b) Trucks and vans. Irs amendment To determine the dollar limitations for trucks and vans first placed in service during calendar year 2010, the new truck component of the CPI is used instead of the new car component. Irs amendment The new truck component of the CPI was 112. Irs amendment 4 for October 1987 and 140. Irs amendment 897 for October 2009. Irs amendment The October 2009 index exceeded the October 1987 index by 28. Irs amendment 497. Irs amendment Therefore, the automobile price inflation adjustment for 2010 for trucks and vans is 25. Irs amendment 35 percent (28. Irs amendment 497/112. Irs amendment 4 x 100%). Irs amendment The dollar limitations in § 280F(a) are multiplied by a factor of 0. Irs amendment 2535, 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. Irs amendment This adjustment applies to all trucks and vans that are first placed in service in calendar year 2010. Irs amendment (2) Amount of the limitation. Irs amendment Tables 1 and 2 contain the dollar amount of the depreciation limitation for each taxable year for passenger automobiles a taxpayer places in service in calendar year 2010. Irs amendment 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 2010. Irs amendment REV. Irs amendment PROC. Irs amendment 2010-18 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. Irs amendment PROC. Irs amendment 2010-18 TABLE 2 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE IN CALENDAR YEAR 2010 Tax Year Amount 1st Tax Year $3,160 2nd Tax Year $5,100 3rd Tax Year $3,050 Each Succeeding Year $1,875 . Irs amendment 02 Inclusions in Income of Lessees of Passenger Automobiles. Irs amendment A taxpayer must follow the procedures in § 1. Irs amendment 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2010. Irs amendment In applying these procedures, lessees of passenger automobiles other than trucks and vans should use Table 3 of this revenue procedure, while lessees of trucks and vans should use Table 4 of this revenue procedure. Irs amendment REV. Irs amendment PROC. Irs amendment 2010-18 TABLE 3 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $16,700 $17,000 3 7 10 11 14 17,000 17,500 4 8 13 15 16 17,500 18,000 5 10 16 19 21 18,000 18,500 6 13 18 23 26 18,500 19,000 7 15 22 26 31 19,000 19,500 8 17 25 30 35 19,500 20,000 9 19 29 34 39 20,000 20,500 10 21 32 38 44 20,500 21,000 11 23 35 42 48 21,000 21,500 12 26 38 45 53 21,500 22,000 13 28 41 50 57 22,000 23,000 14 31 46 56 63 23,000 24,000 16 36 52 63 73 24,000 25,000 18 40 59 71 81 25,000 26,000 20 44 66 78 90 26,000 27,000 22 49 71 86 100 27,000 28,000 24 53 78 94 108 28,000 29,000 26 57 85 101 118 29,000 30,000 28 61 92 109 126 30,000 31,000 30 66 97 117 135 31,000 32,000 32 70 104 125 144 32,000 33,000 34 74 111 132 153 33,000 34,000 36 79 117 140 161 34,000 35,000 38 83 123 148 171 35,000 36,000 40 87 130 156 179 36,000 37,000 42 92 136 163 188 37,000 38,000 44 96 143 170 198 38,000 39,000 46 100 149 179 206 39,000 40,000 48 105 155 186 215 40,000 41,000 50 109 162 194 224 41,000 42,000 52 113 169 201 233 42,000 43,000 54 118 174 210 241 43,000 44,000 56 122 181 217 251 44,000 45,000 58 126 188 225 259 45,000 46,000 60 131 194 232 269 46,000 47,000 61 135 201 240 277 47,000 48,000 63 140 207 248 286 48,000 49,000 65 144 213 256 295 49,000 50,000 67 148 220 263 304 50,000 51,000 69 153 226 271 313 51,000 52,000 71 157 232 279 322 52,000 53,000 73 161 239 287 331 53,000 54,000 75 166 245 294 340 54,000 55,000 77 170 252 302 348 55,000 56,000 79 174 258 310 358 56,000 57,000 81 178 265 318 366 57,000 58,000 83 183 271 325 375 58,000 59,000 85 187 278 333 384 59,000 60,000 87 191 284 341 393 60,000 62,000 90 198 294 352 406 62,000 64,000 94 207 306 368 424 64,000 66,000 98 215 320 382 443 66,000 68,000 102 224 332 398 460 68,000 70,000 106 232 346 413 478 70,000 72,000 110 241 358 429 496 72,000 74,000 114 250 371 444 513 74,000 76,000 118 258 384 460 531 76,000 78,000 122 267 396 476 549 78,000 80,000 126 276 409 491 566 80,000 85,000 132 291 432 518 598 85,000 90,000 142 313 464 556 643 90,000 95,000 152 334 497 594 687 95,000 100,000 162 356 528 634 731 100,000 110,000 177 388 577 691 798 110,000 120,000 196 432 641 768 887 120,000 130,000 216 475 705 846 976 130,000 140,000 236 518 770 922 1,065 140,000 150,000 256 561 834 1,000 1,154 150,000 160,000 275 605 898 1,077 1,243 160,000 170,000 295 648 963 1,153 1,333 170,000 180,000 315 691 1,027 1,231 1,421 180,000 190,000 334 735 1,091 1,308 1,510 190,000 200,000 354 778 1,155 1,386 1,599 200,000 210,000 374 821 1,220 1,462 1,688 210,000 220,000 393 865 1,284 1,539 1,777 220,000 230,000 413 908 1,348 1,617 1,866 230,000 240,000 433 951 1,413 1,693 1,956 240,000 and up 453 995 1,476 1,771 2,044 REV. Irs amendment PROC. Irs amendment 2010-18 TABLE 4 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2010 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later 17,000 17,500 3 6 9 10 11 17,500 18,000 4 8 12 14 16 18,000 18,500 5 10 15 18 21 18,500 19,000 6 12 19 22 24 19,000 19,500 7 15 21 26 29 19,500 20,000 8 17 25 29 34 20,000 20,500 9 19 28 33 38 20,500 21,000 10 21 31 37 43 21,000 21,500 11 23 35 41 47 21,500 22,000 12 25 38 45 51 22,000 23,000 13 29 42 51 58 23,000 24,000 15 33 49 58 67 24,000 25,000 17 37 56 66 76 25,000 26,000 19 42 62 73 85 26,000 27,000 21 46 68 82 93 27,000 28,000 23 50 75 89 103 28,000 29,000 25 55 81 97 111 29,000 30,000 27 59 88 104 121 30,000 31,000 29 63 94 113 129 31,000 32,000 31 68 100 120 138 32,000 33,000 33 72 107 127 148 33,000 34,000 35 76 114 135 156 34,000 35,000 37 81 119 143 165 35,000 36,000 39 85 126 151 174 36,000 37,000 41 89 133 158 183 37,000 38,000 43 94 139 166 191 38,000 39,000 45 98 145 174 201 39,000 40,000 47 102 152 182 209 40,000 41,000 49 106 159 189 218 41,000 42,000 51 111 164 198 227 42,000 43,000 53 115 171 205 236 43,000 44,000 55 119 178 213 245 44,000 45,000 57 124 184 220 254 45,000 46,000 59 128 190 228 263 46,000 47,000 60 133 197 235 272 47,000 48,000 62 137 203 244 280 48,000 49,000 64 142 209 251 290 49,000 50,000 66 146 216 259 298 50,000 51,000 68 150 223 266 308 51,000 52,000 70 154 229 275 316 52,000 53,000 72 159 235 282 325 53,000 54,000 74 163 242 290 334 54,000 55,000 76 167 249 297 343 55,000 56,000 78 172 254 305 352 56,000 57,000 80 176 261 313 361 57,000 58,000 82 180 268 320 370 58,000 59,000 84 185 274 328 378 59,000 60,000 86 189 280 336 388 60,000 62,000 89 195 291 347 401 62,000 64,000 93 204 303 363 418 64,000 66,000 97 213 315 379 436 66,000 68,000 101 221 329 394 454 68,000 70,000 105 230 341 410 472 70,000 72,000 109 239 354 424 490 72,000 74,000 113 247 367 440 508 74,000 76,000 117 256 380 455 526 76,000 78,000 121 264 393 471 543 78,000 80,000 125 273 406 486 561 80,000 85,000 131 289 428 513 592 85,000 90,000 141 310 461 552 636 90,000 95,000 151 332 492 591 681 95,000 100,000 161 353 525 629 726 100,000 110,000 176 386 573 686 793 110,000 120,000 195 430 637 763 882 120,000 130,000 215 473 701 841 971 130,000 140,000 235 516 766 918 1,059 140,000 150,000 255 559 830 995 1,149 150,000 160,000 274 603 894 1,072 1,238 160,000 170,000 294 646 958 1,150 1,326 170,000 180,000 314 689 1,023 1,226 1,416 180,000 190,000 333 733 1,087 1,303 1,505 190,000 200,000 353 776 1,151 1,381 1,594 200,000 210,000 373 819 1,216 1,457 1,683 210,000 220,000 392 863 1,280 1,534 1,772 220,000 230,000 412 906 1,344 1,612 1,861 230,000 240,000 432 949 1,409 1,689 1,949 240,000 and up 452 992 1,473 1,766 2,039 SECTION 5. Irs amendment EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. Irs amendment SECTION 6. Irs amendment DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. Irs amendment Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). Irs amendment For further information regarding this revenue procedure, contact Mr. Irs amendment Harvey at (202) 622-4930 (not a toll-free call). Irs amendment Prev  Up  Next   Home   More Internal Revenue Bulletins