Windfall Deductions from Changing Depreciation

Journal of Property Management, Vol. 61, No. 74, September 1996

2 Pages Posted: 28 May 2008

See all articles by Francine J. Lipman

Francine J. Lipman

University of Nevada, Las Vegas - William S. Boyd School of Law

James E. Williamson

San Diego State University - College of Business Administration

Abstract

A revenue procedure issued by the IRS may enable real estate managers and owners who have not fully enjoyed the depreciation benefits allowed by tax laws to avail of windfall tax deductions. Revenue Procedure 96-31 allows taxpayers who have made claims lower than the allowable depreciation in previous tax years to automatically change their accounting method for depreciation without user fees. The procedure not only authorizes an automatic change from an impermissible depreciation method or life to a permissible method or life, but also grants the taxpayer the right to subtract the full amount of the difference between the depreciation originally claimed and the amount allowed under an impermissible depreciation method or life.

Keywords: Revenue Procedure 96-31

JEL Classification: K34, H24, H25

Suggested Citation

Lipman, Francine J. and Williamson, James E., Windfall Deductions from Changing Depreciation. Available at SSRN: https://ssrn.com/abstract=1138447

Francine J. Lipman (Contact Author)

University of Nevada, Las Vegas - William S. Boyd School of Law ( email )

4505 South Maryland Parkway
Box 451003
Las Vegas, NV 89154
United States

James E. Williamson

San Diego State University - College of Business Administration ( email )

School of Accountancy
San Diego, CA 92182-8230
United States
619-594-6021 (Phone)

HOME PAGE: http://www.sdsu.edu

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