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It1040ez Internal Revenue Bulletin:  2010-9  March 1, 2010  Rev. It1040ez Proc. It1040ez 2010-18 Table of Contents SECTION 1. It1040ez PURPOSE SECTION 2. It1040ez BACKGROUND SECTION 3. It1040ez SCOPE SECTION 4. It1040ez APPLICATION SECTION 5. It1040ez EFFECTIVE DATE SECTION 6. It1040ez DRAFTING INFORMATION SECTION 1. It1040ez 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. It1040ez 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. It1040ez SECTION 2. It1040ez BACKGROUND . It1040ez 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. It1040ez 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. It1040ez 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. It1040ez This change reflects the higher rate of price inflation for trucks and vans since 1988. It1040ez . It1040ez 02 Section 280F(c) requires a reduction in the deduction allowed to the lessee of a leased passenger automobile. It1040ez The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. It1040ez Under § 1. It1040ez 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. It1040ez One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. It1040ez Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. It1040ez SECTION 3. It1040ez SCOPE . It1040ez 01 The limitations on depreciation deductions in section 4. It1040ez 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. It1040ez . It1040ez 02 The tables in section 4. It1040ez 02 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2010. It1040ez 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. It1040ez See Rev. It1040ez Proc. It1040ez 2005-13, 2005-1 C. It1040ez B. It1040ez 759, for passenger automobiles first leased before calendar year 2006; Rev. It1040ez Proc. It1040ez 2006-18, 2006-1 C. It1040ez B. It1040ez 645, for passenger automobiles first leased during calendar year 2006; Rev. It1040ez Proc. It1040ez 2007-30, 2007-1 C. It1040ez B. It1040ez 1104, for passenger automobiles first leased during calendar year 2007; Rev. It1040ez Proc. It1040ez 2008-22, 2008-12 I. It1040ez R. It1040ez B. It1040ez 658, for passenger automobiles first leased during calendar year 2008; and Rev. It1040ez Proc. It1040ez 2009-24, 2009-17 I. It1040ez R. It1040ez B. It1040ez 885, for passenger automobiles first leased during calendar year 2009. It1040ez SECTION 4. It1040ez APPLICATION . It1040ez 01 Limitations on Depreciation Deductions for Certain Automobiles. It1040ez (1) Amount of the inflation adjustment. It1040ez (a) Passenger automobiles (other than trucks or vans). It1040ez 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. It1040ez 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. It1040ez The new car component of the CPI was 115. It1040ez 2 for October 1987 and 137. It1040ez 851 for October 2009. It1040ez The October 2009 index exceeded the October 1987 index by 22. It1040ez 651. It1040ez Therefore, the automobile price inflation adjustment for 2010 for passenger automobiles (other than trucks and vans) is 19. It1040ez 66 percent (22. It1040ez 651/115. It1040ez 2 x 100%). It1040ez The dollar limitations in § 280F(a) are multiplied by a factor of 0. It1040ez 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. It1040ez This adjustment applies to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2010. It1040ez (b) Trucks and vans. It1040ez 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. It1040ez The new truck component of the CPI was 112. It1040ez 4 for October 1987 and 140. It1040ez 897 for October 2009. It1040ez The October 2009 index exceeded the October 1987 index by 28. It1040ez 497. It1040ez Therefore, the automobile price inflation adjustment for 2010 for trucks and vans is 25. It1040ez 35 percent (28. It1040ez 497/112. It1040ez 4 x 100%). It1040ez The dollar limitations in § 280F(a) are multiplied by a factor of 0. It1040ez 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. It1040ez This adjustment applies to all trucks and vans that are first placed in service in calendar year 2010. It1040ez (2) Amount of the limitation. It1040ez 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. It1040ez 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. It1040ez REV. It1040ez PROC. It1040ez 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. It1040ez PROC. It1040ez 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 . It1040ez 02 Inclusions in Income of Lessees of Passenger Automobiles. It1040ez A taxpayer must follow the procedures in § 1. It1040ez 280F-7(a) for determining the inclusion amounts for passenger automobiles first leased in calendar year 2010. It1040ez 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. It1040ez REV. It1040ez PROC. It1040ez 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. It1040ez PROC. It1040ez 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. It1040ez EFFECTIVE DATE This revenue procedure applies to passenger automobiles that a taxpayer first places in service or first leases during calendar year 2010. It1040ez SECTION 6. It1040ez DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. It1040ez Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). It1040ez For further information regarding this revenue procedure, contact Mr. It1040ez Harvey at (202) 622-4930 (not a toll-free call). It1040ez Prev  Up  Next   Home   More Internal Revenue Bulletins
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The It1040ez

It1040ez Publication 551 - Introductory Material Table of Contents What's New Reminder IntroductionOrdering forms and publications. It1040ez Tax questions. It1040ez Useful Items - You may want to see: What's New Property acquired from a decedent who died in 2010. It1040ez  Property acquired from a decedent dying in 2010 will no longer have an automatic increase in basis. It1040ez See Publication 4895, Tax Treatment of Property Acquired From a Decedent Dying in 2010, for details. It1040ez Reminder Photographs of missing children. It1040ez  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. It1040ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. It1040ez 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. It1040ez Introduction Basis is the amount of your investment in property for tax purposes. It1040ez Use the basis of property to figure depreciation, amortization, depletion, and casualty losses. It1040ez Also use it to figure gain or loss on the sale or other disposition of property. It1040ez You must keep accurate records of all items that affect the basis of property so you can make these computations. It1040ez This publication is divided into the following sections. It1040ez Cost Basis Adjusted Basis Basis Other Than Cost The basis of property you buy is usually its cost. It1040ez You may also have to capitalize (add to basis) certain other costs related to buying or producing the property. It1040ez Your original basis in property is adjusted (increased or decreased) by certain events. It1040ez If you make improvements to the property, increase your basis. It1040ez If you take deductions for depreciation or casualty losses, reduce your basis. It1040ez You cannot determine your basis in some assets by cost. It1040ez This includes property you receive as a gift or inheritance. It1040ez It also applies to property received in an involuntary conversion and certain other circumstances. It1040ez Comments and suggestions. It1040ez   We welcome your comments about this publication and your suggestions for future editions. It1040ez   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. It1040ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. It1040ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. It1040ez   You can email us at taxforms@irs. It1040ez gov. It1040ez Please put “Publications Comment” on the subject line. It1040ez You can also send us comments from www. It1040ez irs. It1040ez gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. It1040ez ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. It1040ez Ordering forms and publications. It1040ez   Visit www. It1040ez irs. It1040ez gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 business days after your request is received. It1040ez  Internal Revenue Service  1201 N. It1040ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. It1040ez   If you have a tax question, visit IRS. It1040ez gov or call 1-800-829-1040. It1040ez We cannot answer tax questions sent to either of the above addresses. It1040ez Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 525 Taxable and Nontaxable Income 527 Residential Rental Property 530 Tax Information for First-Time Homeowners 535 Business Expenses 537 Installment Sales 544 Sales and Other Dispositions of Assets 550 Investment Income and Expenses 559 Survivors, Executors, and Administrators 587 Business Use of Your Home 946 How To Depreciate Property Form (and Instructions) 706 United States Estate (and Generation-Skipping Transfer) Tax Return 706-A United States Additional Estate Tax Return 8594 Asset Acquisition Statement See How To Get Tax Help near the end of this publication for information about getting publications and forms. It1040ez Prev  Up  Next   Home   More Online Publications