N-2013-59: Section 179 property
Internal Revenue Service (IRS) sent this bulletin at 09/10/2013 03:35 PM EDT
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Issue Number: N-2013-59Inside This IssueNotice 2013-59 provides guidance to taxpayers who choose under §179(f) to treat as an expense the costs of certain real property placed in service during any taxable year beginning in 2010, 2011, 2012, or 2013. It defines which real property is eligible for the election, and explains how excess §179(f) deductions are carried over and taken into account in future years. It also provides allocation methodologies for determining §1245 and §1250 recapture upon the sale or other disposition of qualified real property where the unadjusted basis is reduced by the §179 deduction. Notice 2013-59 will be published in Internal Revenue Bulletin 2013-40 on Sept. 30, 2013. 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. |