Tax News

CCH (cch.taxgroup.com) reports:

The IRS has corrected certain 2007 inflation adjustment amounts set forth in Rev. Proc. 2006-53, I.R.B. 2006-48, 996. The aggregate cost of any Code Sec. 179 property a taxpayer may elect to treat as an expense shall not exceed $125,000. The $125,000 limitation shall be reduced (but not below zero) by the amount by which the cost of property placed in service during the 2007 tax year exceeds $500,000. For tax years beginning after 2007 and before 2001, these amounts will be adjusted for inflation. Rev. Proc. 2006-53 is modified and superseded.
Rev. Proc. 2006-53 is modified and superseded.
Rev. Proc. 2007-60, 2007FED ¶46,622
Other References:
Code Sec. 179
CCH Reference - 2007FED ¶1090.11
CCH Reference - 2007FED ¶12,126.07
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