Publication 225 |
2000 Tax Year |
Important Changes for 2000
Depreciation limits on business cars.
The total section 179 deduction and depreciation you can take on a
car you use in your business and first place in service in 2000 is
$3,060. Special rules apply to certain clean-fuel vehicles. See
Special Rules for Passenger Automobiles under Listed
Property.
Section 179 deduction.
For 2000, the total cost you can elect to deduct under section 179
of the Internal Revenue Code is increased to $20,000. See Maximum
dollar limit.
Marginal production of oil and gas.
The suspension of the taxable income limit on percentage depletion
from the marginal production of oil and natural gas has been extended
to tax years beginning after 1999 and before 2002. For more
information on marginal production, see section 613A(c) of the
Internal Revenue Code.
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