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Abstract

The long-running saga of late elections and late revocations under expense method depreciation (Section 179) continues, injecting further uncertainty into investment planning which was already burdened for several months by the prospect of the eligible amount dropping to $25,000 after 2012 if no action was taken in Congress.1 While Congressional action was, indeed, taken, with the American Taxpayer Relief Act2 extending, through 2013, the expensing allowance of $500,000 with a $2 million phase-out, and extending the period of eligibility (through 2013) for qualified real property for Section 179 depreciation,3 the new legislation did not address the issue of late elections but did extend, for an additional year, the date by which a Section 179 election could be revoked.4

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