RP-2016-23: Depreciation Limits for Passenger Vehicles
Internal Revenue Service (IRS) sent this bulletin at 04/01/2016 02:05 PM EDT
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Issue Number: RP-2016-23Inside This IssueRevenue Procedure 2016-23 provides guidance regarding the limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2016, amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2016, and revised depreciation limitations and lessee inclusion amounts for passenger automobiles that were first placed in service or first leased by the taxpayer, respectively, during 2015 and to which the additional first-year depreciation deduction under section 168(k) applies. These amounts are updated following the extension of the additional first-year depreciation deduction by the Protecting Americans from Tax Hikes Act of 2015, enacted as part of the Consolidated Appropriations Act, 2016, Division Q, Pub. L. No. 114-113 (December 18, 2015). Revenue Procedure 2016-23 will be in IRB 2016-16, dated April 18, 2016. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |