X hits on this document

43 views

0 shares

0 downloads

0 comments

5 / 15

  • -

    5-

for each taxable year that the passenger automobile remains in service.

.02 The tables in section 4.02 of this revenue procedure apply to leased passenger

automobiles for which the lease term begins during calendar year 2011. Lessees of

these passenger automobiles must use these tables to determine the inclusion amount

for each taxable year during which the passenger automobile is leased. See Rev. Proc.

2006-18, 2006-1 C.B. 645, for passenger automobiles first leased during calendar year

2006; Rev. Proc. 2007-30, 2007-1 C.B. 1104, for passenger automobiles first leased

during calendar year 2007; Rev. Proc. 2008-22, 2008-1 C.B. 658, for passenger

automobiles first leased during calendar year 2008; Rev. Proc. 2009-24, 2009-1 C.B.

885, for passenger automobiles first leased during calendar year 2009; and Rev. Proc.

2010-18, 2010-1 C.B. 427, as amplified and modified by section 4.03 of this revenue

procedure, for passenger automobiles first leased during calendar year 2010.

SECTION 4. APPLICATION

.01 Limitations on Depreciation Deductions for Certain Automobiles.

  • (1)

    Amount of the inflation adjustment.

    • (a)

      Passenger automobiles (other than trucks or vans). Under

§ 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the

percentage (if any) by which the CPI automobile component for October of the

preceding calendar year exceeds the CPI automobile component for October 1987.

Section 280F(d)(7)(B)(ii) defines the term "CPI automobile component" as the

automobile component of the Consumer Price Index for all Urban Consumers published

by the Department of Labor. The new car component of the CPI was 115.2 for October

1987 and 137.880 for October 2010. The October 2010 index exceeded the October

Document info
Document views43
Page views43
Page last viewedFri Dec 09 16:00:07 UTC 2016
Pages15
Paragraphs1366
Words3727

Comments