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Computer $1,842 Camera $953
Computer 4,014 Desk 450
Copier 5,384 Typewriter 199
Filing Cabinet 621 Neon 13,679
Petitioner contends that she is entitled to section 179
expense deductions for these items because she timely filed her
original election under section 179. She argues that she is
allowed to amend her original election and claim the maximum
deduction for 1994 in the amount of $17,500. Respondent has not
consented to petitioner's revocation or change of the items or
costs claimed with her original election.
Section 179(a) generally allows a taxpayer to elect to treat
the cost of section 179 property as a current expense in the year
the property is placed in service, within certain dollar
limitations. See sec. 179(b). The section 179 election must
specify the items of section 179 property to which the election
applies and the portion of the cost of each of such items which
is to be taken into account under section 179(a). Sec.
179(c)(1)(A); sec. 1.179-5(a)(1) and (2), Income Tax Regs. The
election must be made on the taxpayer's first income tax return
for the taxable year or a timely filed amended return. Sec.
179(c)(1)(B); sec. 1.179-5(a), Income Tax Regs. An election made
on an amended return is valid only if such amended return is
"filed within the time prescribed by law (including extensions)
for filing the return for [the] taxable year". Sec. 1.179-5(a),
Income Tax Regs.
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Last modified: May 25, 2011