Correcting depreciation errors.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on September 1, 1996. The length of the article is 847 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: IRS Revenue Procedure 96-31 provides taxpayers to change accounting methods automatically if they underdepreciated in prior tax years, but only if the taxpayer still owns the property being depreciated as of the beginning of the tax year. The IRS release identifies property eligible and ineligible for this treatment. This procedure can be used only for underdepreciation. Revenue Procedure 92-20 should be used for overdepreciation. While the procedure may benefit taxpayers, it may also open them up to IRS asset basis adjustments.

Citation Details
Title: Correcting depreciation errors.
Author: Jeffrey A. Hackney
Publication:The Tax Adviser (Magazine/Journal)
Date: September 1, 1996
Publisher: American Institute of CPA's
Volume: 27 Issue: n9 Page: 540(1)

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