Source: https://www.charitableplanning.com/library/documents/497843
Timestamp: 2018-05-22 08:20:04
Document Index: 577627623

Matched Legal Cases: ['§280', '§179', '§4', '§201', '§1812', '§1002', '§7643', '§11813', '§1702', '§971', '§6009', '§602', '§2043', '§220', '§11002', '§13202', '§13202', '§13202', '§13202', '§13202', '§13202', '§13202', '§13202', '§11002', '§13202', '§1812', '§13202']

Section 280F: Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes
(a)(1)(A)(iv)
(a)(1)(B)(iii)
(a)(1)(B)(iv)
(d)(4)(A)(iii)
(d)(4)(A)(iv)
(d)(6)(C)(i)
(d)(6)(C)(i)(I)
(d)(6)(C)(i)(II)
(d)(6)(C)(i)(III)
(d)(6)(C)(ii)
(d)(6)(D)
(d)(6)(D)(i)
(d)(6)(D)(ii)
(d)(7)(B)(i)
(d)(7)(B)(i)(I)
(d)(7)(B)(i)(II)
(d)(7)(B)(ii)
§280F. Limitation on depreciation for luxury automobiles; limitation where certain property used for personal purposes
(ii) $5,760 limitation
The amount treated as an expense under clause (i) for any taxable year shall not exceed $5,760.
(A) Where business use percentage does not exceed 50 percent
(1) Lessor's deductions not affected
In the case of any passenger automobile placed in service after 2018, subsection (a) shall be applied by increasing each dollar amount contained in such subsection by the automobile price inflation adjustment for the calendar year in which such automobile is placed in service. Any increase under the preceding sentence shall be rounded to the nearest multiple of $100 (or if the increase is a multiple of $50, such increase shall be increased to the next higher multiple of $100).
(I) the C-CPI-U automobile component for October of the preceding calendar year, exceeds
(II) the automobile component of the CPI (as defined in section 1(f)(4)) for October of 2017, multiplied by the amount determined under 1(f)(3)(B).
(ii) C-CPI-U automobile component
The term "C-CPI-U automobile component" means the automobile component of the Chained Consumer Price Index for All Urban Consumers (as described in section 1(f)(6)).
(Added Pub. L. 98–369, div. A, title I, §179(a), July 18, 1984, 98 Stat. 713; amended Pub. L. 99–44, §4, May 24, 1985, 99 Stat. 78; Pub. L. 99–514, title II, §201(d)(4), title XVIII, §1812(e)(1)(A), (C), (2)–(5), Oct. 22, 1986, 100 Stat. 2139, 2836, 2837; Pub. L. 100–647, title I, §§1002(a)(10), (b)(2), 1018(u)(3), Nov. 10, 1988, 102 Stat. 3354, 3357, 3590; Pub. L. 101–239, title VII, §7643(a), Dec. 19, 1989, 103 Stat. 2381; Pub. L. 101–508, title XI, §11813(b)(13)(A)–(E), Nov. 5, 1990, 104 Stat. 1388–554, 1388-555; Pub. L. 104–188, title I, §1702(h)(5), Aug. 20, 1996, 110 Stat. 1874; Pub. L. 105–34, title IX, §971(a), Aug. 5, 1997, 111 Stat. 897; Pub. L. 105–206, title VI, §6009(c), July 22, 1998, 112 Stat. 812; Pub. L. 107–147, title VI, §602(b)(1), Mar. 9, 2002, 116 Stat. 59; Pub. L. 111–240, title II, §2043(a), Sept. 27, 2010, 124 Stat. 2560; Pub. L. 113–295, div. A, title II, §§220(j), 221(a)(34)(E), Dec. 19, 2014, 128 Stat. 4036, 4042; Pub. L. 115–97, title I, §§11002(d)(8), 13202(a), (b), Dec. 22, 2017, 131 Stat. 2061, 2108, 2109.)
2017—Subsec. (a)(1)(A)(i). Pub. L. 115–97, §13202(a)(1)(A), substituted "$10,000" for "$2,560".
Subsec. (a)(1)(A)(ii). Pub. L. 115–97, §13202(a)(1)(B), substituted "$16,000" for "$4,100".
Subsec. (a)(1)(A)(iii). Pub. L. 115–97, §13202(a)(1)(C), substituted "$9,600" for "$2,450".
Subsec. (a)(1)(A)(iv). Pub. L. 115–97, §13202(a)(1)(D), substituted "$5,760" for "$1,475".
Subsec. (a)(1)(B)(ii). Pub. L. 115–97, §13202(a)(2)(A), substituted "$5,760" for "$1,475" in heading and text.
Subsec. (d)(4)(A)(iv), (v). Pub. L. 115–97, §13202(b)(1), redesignated cl. (v) as (iv) and struck out former cl. (iv) which read as follows: "any computer or peripheral equipment (as defined in section 168(i)(2)(B)), &apos;and&apos; ".
Subsec. (d)(4)(B), (C). Pub. L. 115–97, §13202(b)(2), redesignated subpar. (C) as (B) and struck out former subpar. (B). Prior to amendment, text of subpar. (B) read as follows: "The term &apos;listed property&apos; shall not include any computer or peripheral equipment (as so defined) used exclusively at a regular business establishment and owned or leased by the person operating such establishment. For purposes of the preceding sentence, any portion of a dwelling unit shall be treated as a regular business establishment if (and only if) the requirements of section 280A(c)(1) are met with respect to such portion."
Subsec. (d)(7)(A). Pub. L. 115–97, §13202(a)(2)(B)(i), substituted "2018" for "1988".
Subsec. (d)(7)(B). Pub. L. 115–97, §11002(d)(8), amended subpar. (B) generally. Prior to amendment, subpar. (B) related to automobile price inflation adjustment.
Subsec. (d)(7)(B)(i)(II). Pub. L. 115–97, §13202(a)(2)(B)(ii), substituted "2017" for "1987".
2010—Subsec. (d)(4)(A). Pub. L. 111–240 inserted " &apos;and&apos; " at end of clause (iv), redesignated clause (vi) as (v), and struck out former cl. (v) which read as follows: "any cellular telephone (or other similar telecommunications equipment), and".
Subsec. (d)(5)(A). Pub. L. 99–514, §1812(e)(1)(A), (C), substituted "unloaded gross vehicle weight" for "gross vehicle weight" in cl. (ii) and inserted at end "In the case of a truck or van, clause (ii) shall be applied by substituting &apos;gross vehicle weight&apos; for &apos;unloaded gross vehicle weight&apos;."
Amendment by section 11002(d)(8) of Pub. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11002(e) of Pub. L. 115–97, set out as a note under section 1 of this title.
Pub. L. 115–97, title I, §13202(c), Dec. 22, 2017, 131 Stat. 2109, provided that: "The amendments made by this section [amending this section] shall apply to property placed in service after December 31, 2017, in taxable years ending after such date."
For purposes of the preceding sentence, the term &apos;15-year real property&apos; includes 18-year real property.
2017—Revenue Procedure 2017–29.