Internal Revenue Bulletin: 2004-13
March 29, 2004
Automobile owners and lessees. This procedure provides owners and lessees of passenger automobiles (including trucks, vans, and electric automobiles) with tables detailing the limitations on depreciation deductions for passenger automobiles first placed in service during calendar year 2004 and the amounts to be included in income for passenger automobiles first leased during calendar year 2004. Separate tables are provided for passenger automobiles qualifying for additional first-year bonus depreciation under section 168(k). In addition, this procedure provides the maximum allowable value of employer-provided automobiles first made available to employees for personal use in calendar year 2004 for which the vehicle cents-per-mile valuation rule provided under section 1.61-21(e) of the regulations may be applicable.
The Service announces that Form 3115, Application for Change in Accounting Method, and its instructions were revised December 2003. This revision is the current version of Form 3115 used to request a change in accounting method. Rev. Procs. 2001-10, 2001-23, 2002-9, and 2002-28 modified.
The Service announces that an updated edition of Publication 538, Accounting Periods and Methods, (revised March 2004) is now available.
|More Internal Revenue Bulletins|