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Washington Tax Alert July 31, 2006
The Service recently issued a private letter ruling permitting a taxpayer to revoke its election not to deduct additional bonus depreciation under IRC § 168(k). The taxpayer was allowed to file an amended tax return revoking its election not to claim bonus depreciation, and instead claim additional depreciation for property placed in service in a taxable year. See PLR 200626038. In issuing this ruling, the IRS National Office applied the same factors it would in a 9100 ruling application requesting permission to make a regulatory election that was missed. Contact information The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. |  |         |