RR-2014-17: depreciation schedule for assets used to make ethanol from corn

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May 20, 2014

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Issue Number: RR-2014-17

Inside This Issue

Revenue Ruling 2014-17 holds that tangible assets used in converting corn to fuel grade ethanol are properly included in asset class 49.5 of Rev. Proc. 87-56,1987-2 C.B. 674, for depreciation purposes. The Internal Revenue Service will not apply the revenue ruling to tangible assets that are used in converting biomass to a liquid fuel such as fuel grade ethanol that a taxpayer places in service before June 9, 2014.

Revenue Ruling 2014017 will be in IRB 2014-24, dated June 9, 2014.

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