Revenue Procedure 2012-23 contains tables showing the limits of depreciation deductions under section 280F for automobiles placed in service in 2012.
Section 168(k)(2)(F)(i) of the Internal Revenue Code increases the first year depreciation allowed under §280F(a)(1)(A)(i) by $8,000 for passenger automobiles to which the additional first year depreciation deduction under § 168(k) (hereinafter, referred to as “§ 168(k) additional first year depreciation deduction”) applies.
REV. PROC. 2012-23 TABLE 1
Depreciation limitations for passenger automobiles (That are not trucks or vans) placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction applies
Tax Year Amount
1st Tax Year $11,160
2nd Tax Year $ 5,100
3rd Tax Year $ 3,050
Each Succeeding Year $ 1,875
REV. PROC. 2012-23 TABLE 2
Depreciation limitations for trucks and vans placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction applies
Tax Year Amount
1st Tax Year $11,360
2nd Tax Year $ 5,300
3rd Tax Year $ 3,150
Each Succeeding Year $ 1,875
REV. PROC. 2012-23 TABLE 3
Depreciation limitations for passenger automobiles (that are not trucks or vans) placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction does not apply
Tax Year Amount
1st Tax Year $ 3,160
2nd Tax Year $ 5,100
3rd Tax Year $ 3,050
Each Succeeding Year $ 1,875
REV. PROC. 2012-23 TABLE 4
Depreciation limitations for trucks and vans placed in service in calendar year 2012 for which the § 168(k) additional first year depreciation deduction does not apply
Tax Year Amount
1st Tax Year $ 3,360
2nd Tax Year $ 5,300
3rd Tax Year $ 3,150
Each Succeeding Year $ 1,875
Tables 5 and 6 show inclusion of taxable income for leased automobiles and trucks/vans.
