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Revised 2014 Limits for inclusion amounts for automobiles shown in the 2014 Instructions -- 18 - SEP - 2015

Revenue Procedure 2015-19 modified lessee inclusion amounts for passenger automobiles (including trucks and vans) that were first placed  in service during 2014 and to which the additional first year depreciation deduction applies. The changes were made per IRC section 168(k)(1)(A) (as extended by PL 113-295)  and section 280F(d)(7)(B)(i). Accordingly, the charts covering this topic in the instructions for certain forms are updated as follows.

Passenger Automobiles (Except Trucks and Vans)

The lease term began in 2014... and the vehicle's fair market value on the first day of the lease exceeded $19,000.

Trucks and Vans

The lease term began in 2014... and the vehicle's fair market value on the first day of the lease exceeded $19,500.

Page Last Reviewed or Updated: 09-Sep-2016