Important Changes for 2001

The following items highlight some changes in the tax law for 2001.

Standard mileage rate. The standard mileage rate for the cost of operating your car, van, pickup, or panel truck in 2001 is 34 1/2 cents a mile for all business miles. See chapter 13.

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 scheduled to expire for tax years beginning after 1999 has been extended to tax years beginning before 2002. For more information on marginal production, see section 613A(c) of the Internal Revenue Code.

Third party designee. Beginning with your tax return for 2001, you can check the "Yes" box in the "Third Party Designee" area of your return to authorize the IRS to discuss your return with a friend, family member, or any other person you choose. This allows the IRS to call the person you identified as your designee to ask any questions that may arise during the processing of your return. It also allows your designee to perform certain actions. See your income tax package for details.

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