Supplement to Publication 463 |
2001 Tax Year |
Election Not To Claim Special Allowance
You can elect not to claim the special depreciation allowance
for a car by making a statement attached to, or written on, your return
indicating that you are electing not to claim the special depreciation allowance
for 5-year property. As a general rule, you must make this election by the due
date (including extensions) of your return.
You can have an automatic extension of 6 months from the due date of your
return (excluding extensions) to make the election with an amended return. To get
this extension, you must have filed your original return by the due date
(including extensions). At the top of the statement, print "Filed pursuant to
section 301.9100-2."
If you elect not to claim the special depreciation allowance for a car, you
cannot claim it for any other 5-year property placed in service during the same
year.
Unless you elect (or are treated as electing) not to claim the special
depreciation allowance, you must reduce the car's adjusted basis by the amount of
the allowance, even if the allowance was not claimed.
Deemed election for return filed before June 1, 2002. If you did not
make the election not to claim the special depreciation allowance in the time and
manner described above, you will still be treated as electing not to claim it if
all of the following apply.
- You filed your 2001 return before June 1, 2002.
- You claimed depreciation on your return but did not claim the special depreciation allowance.
- You did not file an amended 2001 return by April 15, 2003, or a Form 3115 with your 2002 return, to claim the special depreciation allowance.
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