Taxpayer could claim bonus depreciation by filing accounting method change

April 2013

Overview

A recent IRS private letter ruling (PLR 201313012) permitted the taxpayer to claim ‘bonus depreciation’ by filing Form 3115, Application for Change in Accounting Method.  The reasoning of the PLR focused on the taxpayer’s having met the acquisition rule for bonus depreciation — in particular, the “10-percent safe harbor” — and the taxpayer’s having filed only one federal income tax return with respect to the property at issue at the time the taxpayer requested the PLR.

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