The U.S. IRS and Treasury have issued Rev. Proc. 2019-33, which provides guidance on making or revoking elections for the additional first year depreciation in light of changes made by the Tax Cuts and Jobs Act.
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WASHINGTON — The Internal Revenue Service today issued a revenue procedure allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer d…