In claiming expense method depreciation under I.R.C. § 179, the rule has been that the election had to be made on the original return (whether or not timely filed) or on an amended return, and then only if filed within the time for filing a return (including extensions) for the taxable year.1 In a surprise move, new regulations, effective August 4, 2004, allow a late I.R.C. § 179 election on an amended return for property placed in service after 2002 and before 2006.2



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