More time for depreciation: IRS guidance makes it easier to take advantage of certain depreciation breaks.

Practical Accountant, The, September, 2003 by Michael G. Stevens

Under the "Job Creation and Worker Assistance Act of 2002," an additional 30 percent first-year bonus depreciation became available for certain property acquired after September 10, 2001 and before September 11, 2004, that is placed in service before January 1, 2005. Rev. Proc. 2003-50 is one of five recent pronouncements for taxpayers taking advantage of certain depreciation breaks.

It extends the original relief provided in Rev. Proc. 2002-33 to any taxpayer that timely filed its 2000 or 2001 federal tax return for the taxable year that included September 11, 2001. This procedure also permits an automatic extension of time to allow certain taxpayers to change their selection of Section 179 property for the taxable year that included September 11, 2001. Also offered...