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Irs Form 1040ez Fillable

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Irs Form 1040ez Fillable

Irs form 1040ez fillable 14. Irs form 1040ez fillable   Penalties and Interest Table of Contents Penalties and interest may result from any of the following acts. Irs form 1040ez fillable Failing to collect and pay over tax as the collecting agent (see Trust fund recovery penalty, later). Irs form 1040ez fillable Failing to keep adequate records. Irs form 1040ez fillable Failing to file returns. Irs form 1040ez fillable Failing to pay taxes. Irs form 1040ez fillable Filing returns late. Irs form 1040ez fillable Filing false or fraudulent returns. Irs form 1040ez fillable Paying taxes late. Irs form 1040ez fillable Failing to make deposits. Irs form 1040ez fillable Depositing taxes late. Irs form 1040ez fillable Making false statements relating to tax. Irs form 1040ez fillable Failing to register. Irs form 1040ez fillable Misrepresenting that tax is excluded from the price of an article. Irs form 1040ez fillable Failure to register. Irs form 1040ez fillable   The penalty for failure to register if you are required to register, unless due to reasonable cause, is $10,000 for the initial failure, and then $1,000 each day thereafter you fail to register. Irs form 1040ez fillable Claims. Irs form 1040ez fillable   There are criminal penalties for false or fraudulent claims. Irs form 1040ez fillable In addition, any person who files a refund claim, discussed earlier, for an excessive amount (without reasonable cause) may have to pay a penalty. Irs form 1040ez fillable An excessive amount is the amount claimed that is more than the allowable amount. Irs form 1040ez fillable The penalty is the greater of two times the excessive amount or $10. Irs form 1040ez fillable Trust fund recovery penalty. Irs form 1040ez fillable   If you provide taxable communications, air transportation services, or indoor tanning services, you have to collect excise taxes (as discussed earlier) from those persons who pay you for those services. Irs form 1040ez fillable You must pay over these taxes to the U. Irs form 1040ez fillable S. Irs form 1040ez fillable Government. Irs form 1040ez fillable   If you willfully fail to collect or pay over these taxes, or if you evade or defeat them in any way, the trust fund recovery penalty may apply. Irs form 1040ez fillable Willfully means voluntarily, consciously, and intentionally. Irs form 1040ez fillable The trust fund recovery penalty equals 100% of the taxes not collected or not paid over to the U. Irs form 1040ez fillable S. Irs form 1040ez fillable Government. Irs form 1040ez fillable   The trust fund recovery penalty may be imposed on any person responsible for collecting, accounting for, and paying over these taxes. Irs form 1040ez fillable If this person knows that these required actions are not taking place for whatever reason, the person is acting willfully. Irs form 1040ez fillable Paying other expenses of the business instead of paying the taxes is willful behavior. Irs form 1040ez fillable   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, or any other person who had responsibility for certain aspects of the business and financial affairs of the employer (or business). Irs form 1040ez fillable This may include accountants, trustees in bankruptcy, members of a board, banks, insurance companies, or sureties. Irs form 1040ez fillable The responsible person could even be another corporation—in other words, anyone who has the duty and the ability to direct, account for, or pay over the money. Irs form 1040ez fillable Having signature power on the business checking account could be a significant factor in determining responsibility. Irs form 1040ez fillable Prev  Up  Next   Home   More Online Publications
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Why is CI Involved in Identity Theft?

IRS Criminal Investigation (CI) detects and investigates tax fraud and other financial fraud, including fraud related to identity theft. Identity theft is most likely to occur in our Questionable Refund Program (QRP) area where individual identities are stolen with the intent to file false returns claiming tax refunds. Additional areas involving identity theft include employment tax cases, abusive return preparer schemes, and narcotics and money laundering investigations.

CI has four Scheme Development Centers (SDCs) across the country whose primary mission is detecting refund fraud. These SDCs have uncovered numerous identity theft related schemes. These schemes are forwarded to one of CI’s 26 field offices for criminal investigation and/or to our civil counterparts to resolve victim accounts. After CI completes the initial evidence gathering of our investigations, we recommend prosecution of refund fraud, to include identity theft, when appropriate, to United States Attorney’s Offices nationwide.  Specifically, we recommend Title 18 U.S.C. §1028, which is commonly referred to as the Identity Fraud Statute, when the evidence supports it.  Per IRS policy (Internal Revenue Manual section 9.5.3.3.11.1), the identity fraud statute is not intended to be a stand-alone violation, but rather used as a companion charge when it enhances the overall substantive tax, money laundering, and/or conspiracy charges.  As a result, CI generally pairs Title 18 U.S.C. §1028 with other substantive tax or tax-related charges.

In addition to detecting and investigating identity theft-related refund fraud, Criminal Investigation participates in the Department of Justice’s Identity Theft Interagency Working Group. Our field offices also participate with other federal, state and local law enforcement agencies on joint investigative efforts involving identity theft.

Statistical Data - Identity Theft Schemes
Enforcement statistics on investigations initiated, prosecutions recommended, indictments, sentenced investigations, and months to serve in prison.

Examples of Identity Theft Schemes
Examples have been written from public record documents filed in the district courts where the case was prosecuted.

Enforcement Actions Taken on Identity Theft Investigations - During the month of January 2013, Criminal Investigation took a number of enforcement actions against individuals involved in Identity Theft crimes

Identity Theft - Be alert to possible identity theft issues.

 


Criminal Enforcement Home Page

 

Page Last Reviewed or Updated: 30-Oct-2013

The Irs Form 1040ez Fillable

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