Ckbeme <ck.n...[at]tx.rr.com> wrote:

- quote -

I think 2002 closes *today* the 17th the fifteenth was a
Sunday and Monday was a legal holiday in the District of
Columbia. {And everything may be due on Thursday the 19th
in the Northeast for taxpayers "directly impacted" by the
"April 16 Storm."

The answer to the poster's question is on page three of the
From 4562 instructions, I think:

To make the election, check the box on line 18. You must
make the election on your return filed no later than the due
date (including extensions) for the tax year in which the
assets included in the general asset account were placed in
service. Once made, the election is irrevocable and applies
to the tax year for which the election is made and all later
tax years.

This would be October of 2004 at the latest.

Dick: Can you get this to Ckbeme today somehow?

Now, I think I *didn't* find the answer to the special bonus
depreciation; I clicked one-too-many-pages in the Form 4562
instructions. I hope Ckbeme gets either both or neither of
my replies...! Sorry for the confusion!

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Ckbeme <ck.n...[at]tx.rr.com> wrote:

- quote -

Actually, I'm fairly certain that 2003 closes tomorrow
(April 17th). Also, without looking anything up I seem to
recall that the 30%/50% bonus depreciation deductions could
only be taken on timely filed returns but I'm not as sure
about that.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Hey fellow candle-burners,

I've read about 3 reams of paper on this topic: Special
Depreciation Allowance. All of that reading and I don't
know if I'm able to take the additional bonus depreciation.

I'm filing my 2003 tax return - first filing, not an amended
or corrected return. I can't find a statement that tells if
a person can use this special depreciation allowance if
they are filing late.

Probably a real easy question for lots of you. I'd sure
appreciate a reply from one or two of you tax gurus.

Thanks in advance.

Cathy

Moderator:
This was crossposted (a rare exception) due to this
being Tax Day. Responses will not be crossposted.
ALSO 2003 closed yesterday - no refunds will be
issued on original returns.

And remember that precedent means NOTHIHG to me.

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >