RP-2019-33
Internal Revenue Service (IRS) sent this bulletin at 07/31/2019 11:17 AM EDT
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Issue Number: RP-2019-33Inside This IssueRevenue Procedure 2019-33 allows a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer during its taxable year that includes September 28, 2017. First, a taxpayer can elect not to deduct the additional first year depreciation for all qualified property that is in the same class of property and placed in service by the taxpayer in the same tax year. Second, a taxpayer can elect to deduct 50-percent, instead of 100-percent, additional first year depreciation for all qualified property acquired and placed in service by certain dates. Third, a taxpayer can elect to deduct additional first year depreciation for any specified plant that is planted or grafted after September 27, 2017, and before 2027. Revenue Procedure 2019-33 will be in IRB: 2019-34, dated 8/19/2019 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. |