Rev. Proc. 2008-22
Rev. Proc. 2008-22
SECTION 1. PURPOSE
.01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2008, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2008, including a separate table of inclusion amounts for lessees of trucks and vans.
.02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code.
SECTION 2. BACKGROUND
.01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988.
.02 Section 103 of the Economic Stimulus Act of 2008, Pub. L. No. 110-185, 122 Stat. 613 (Feb. 13, 2008), amended § 168(k). As amended, § 168(k)(1)(A) provides a 50-percent additional first year depreciation deduction for certain new property acquired by the taxpayer after December 31, 2007, and before January 1, 2009, so long as no written binding contract for the acquisition of the property existed prior to January 1, 2008. The Act also amended § 168(k)(2)(F)(i) to increase the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50-percent additional first year depreciation deduction applies.
.03 Section 168(k)(2)(D)(i) provides that the 50-percent additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of section 168(g), including property described in section 280F(b)(1). Further, section 168(k)(2)(D)(iii) permits a taxpayer to elect not to claim the 50-percent additional first year depreciation deduction for any class of property. Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50-percent additional depreciation deduction applies and tables for passenger automobiles for which the 50-percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50-percent additional first year depreciation deduction.
.04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. Under § 1.280F-7(a) of the Income Tax Regulations, this reduction requires the lessees to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. There is a table for lessees of trucks and vans and a table for all other passenger automobiles. Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased.
SECTION 3. SCOPE
.01 The limitations on depreciation deductions in section 4.02(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2008, and continue to apply for each taxable year that the passenger automobile remains in service.
.02 The tables in section 4.03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2008. Lessees of such passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. See Rev. Proc. 2002-14, 2002-1 C.B. 450, for passenger automobiles first leased before January 1, 2003, Rev. Proc. 2003-75, 2003-2 C.B. 1018, for passenger automobiles first leased during calendar year 2003, Rev. Proc. 2004-20, 2004-1 C.B. 642, for passenger automobiles first leased during calendar year 2004, Rev. Proc. 2005-13, 2005-1 C.B. 759, for passenger automobiles first leased during calendar year 2005, Rev. Proc. 2006-18, 2006-1 C.B. 645, for passenger automobiles first leased during calendar year 2006, and Rev. Proc. 2007-30, 2007-18 I.R.B. 1104, for passenger automobiles first leased during calendar year 2007.
SECTION 4. APPLICATION
.01 In General.
(1) Limitations on Depreciation Deductions for Certain Automobiles. The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2008 are found in Tables 1 through 4 in section 4.02(2) of this revenue procedure. Table 1 of this revenue procedure provides limitations on depreciation deductions for a passenger automobile (other than a truck or van) for which the 50-percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50-percent additional first year depreciation deduction. Table 2 of this revenue procedure provides limitations on depreciation deductions for a passenger automobile (other than a truck or van) for which the 50-percent additional first year depreciation deduction applies. Table 3 of this revenue procedure provides limitations on depreciation deductions for a truck or van for which the 50-percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50-percent additional first year depreciation deduction. Table 4 of this revenue procedure provides limitations on depreciation deductions for a truck or van for which the 50-percent additional first year depreciation deduction applies.
(2) Inclusions in Income of Lessees of Passenger Automobiles. A taxpayer first leasing a passenger automobile during calendar year 2008 must determine the inclusion amount that is added to gross income using the tables in section 4.03 of this revenue procedure. The inclusion amount is determined using Table 5 in the case of a passenger automobile (other than a truck or van), and Table 6 in the case of a truck or van. In addition, the procedures of § 1.280F-7(a) must be followed.
.02 Limitations on Depreciation Deductions for Certain Automobiles.
(1) Amount of the Inflation Adjustment. Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor (the CPI). The new car component of the CPI was 115.2 for October 1987 and 135.169 for October 2007. The October 2007 index exceeded the October 1987 index by 19.969. The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2008 for passenger automobiles (other than trucks and vans) is 17.33 percent (19.969/115.2 x 100%). This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2008. The dollar limitations in § 280F(a) must therefore be multiplied by a factor of 0.1733, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2008. To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2008, the new truck component of the CPI is used instead of the new car component. The new truck component of the CPI was 112.4 for October 1987 and 139.513 for October 2007. The October 2007 index exceeded the October 1987 index by 27.113. The Service has, therefore, determined that the automobile price inflation adjustment for 2008 for trucks and vans is 24.12 percent (27.113/112.4 x 100%). This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2008. The dollar limitations in § 280F(a) must therefore be multiplied by a factor of 0.2412, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans.
(2) Amount of the Limitation. For passenger automobiles placed in service by the taxpayer in calendar year 2008, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2008, for which the 50-percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50-percent additional first year depreciation deduction. Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2008, for which the 50-percent additional first year depreciation deduction applies. Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2008, for which the 50-percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50-percent additional first year depreciation deduction. Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2008, for which the 50-percent additional first year depreciation deduction applies.
| REV. PROC. 2008-22 TABLE 1 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES(THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2008, FOR WHICH THE 50-PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY | |
| --- | --- |
| Tax Year | Amount |
| --- | --- |
| 1st Tax Year | $2,960 |
| 2nd Tax Year | $4,800 |
| 3rd Tax Year | $2,850 |
| Each Succeeding Year | $1,775 |
| REV. PROC. 2008-22 TABLE 2 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES(THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2008, FOR WHICH THE 50-PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES | |
| --- | --- |
| Tax Year | Amount |
| --- | --- |
| 1st Tax Year | $10,960 |
| 2nd Tax Year | $4,800 |
| 3rd Tax Year | $2,850 |
| Each Succeeding Year | $1,775 |
| REV. PROC. 2008-22 TABLE 3 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2008, FOR WHICH THE 50-PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY | |
| --- | --- |
| Tax Year | Amount |
| --- | --- |
| 1st Tax Year | $3,160 |
| 2nd Tax Year | $5,100 |
| 3rd Tax Year | $3,050 |
| Each Succeeding Year | $1,875 |
| REV. PROC. 2008-22 TABLE 4 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2008, FOR WHICH THE 50-PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES | |
| --- | --- |
| Tax Year | Amount |
| --- | --- |
| 1st Tax Year | $11,160 |
| 2nd Tax Year | $5,100 |
| 3rd Tax Year | $3,050 |
| Each Succeeding Year | $1,875 |
.03 Inclusions in Income of Lessees of Passenger Automobiles.
The inclusion amounts for passenger automobiles first leased in calendar year 2008 are calculated under the procedures described in § 1.280F-7(a). Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure.
| REV. PROC. 2008-22 TABLE 5 | ||||||
|---|---|---|---|---|---|---|
| DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2008 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair Market Value of Passenger Automobile | Tax Year During Lease | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Over | Not Over | 1st | 2nd | 3rd | 4th | 5th & Later |
| --- | --- | --- | --- | --- | --- | --- |
| $18,500 | $19,000 | 20 | 42 | 62 | 73 | 84 |
| 19,000 | 19,500 | 22 | 47 | 71 | 83 | 94 |
| 19,500 | 20,000 | 25 | 53 | 78 | 93 | 106 |
| 20,000 | 20,500 | 27 | 58 | 87 | 102 | 117 |
| 20,500 | 21,000 | 30 | 63 | 95 | 112 | 128 |
| 21,000 | 21,500 | 32 | 69 | 103 | 122 | 139 |
| 21,500 | 22,000 | 34 | 75 | 111 | 131 | 151 |
| 22,000 | 23,000 | 38 | 83 | 123 | 146 | 167 |
| 23,000 | 24,000 | 43 | 94 | 139 | 165 | 190 |
| 24,000 | 25,000 | 48 | 105 | 155 | 185 | 212 |
| 25,000 | 26,000 | 53 | 115 | 172 | 204 | 235 |
| 26,000 | 27,000 | 58 | 126 | 188 | 223 | 257 |
| 27,000 | 28,000 | 63 | 137 | 204 | 243 | 279 |
| 28,000 | 29,000 | 68 | 148 | 220 | 262 | 302 |
| 29,000 | 30,000 | 73 | 159 | 236 | 282 | 324 |
| 30,000 | 31,000 | 78 | 170 | 252 | 301 | 347 |
| 31,000 | 32,000 | 83 | 181 | 268 | 321 | 368 |
| 32,000 | 33,000 | 88 | 192 | 284 | 340 | 391 |
| 33,000 | 34,000 | 93 | 202 | 301 | 359 | 414 |
| 34,000 | 35,000 | 98 | 213 | 317 | 379 | 436 |
| 35,000 | 36,000 | 103 | 224 | 333 | 398 | 459 |
| 36,000 | 37,000 | 108 | 235 | 349 | 418 | 481 |
| 37,000 | 38,000 | 113 | 246 | 365 | 437 | 503 |
| 38,000 | 39,000 | 118 | 257 | 381 | 457 | 525 |
| 39,000 | 40,000 | 123 | 268 | 397 | 476 | 548 |
| 40,000 | 41,000 | 128 | 279 | 413 | 495 | 571 |
| 41,000 | 42,000 | 133 | 289 | 430 | 515 | 593 |
| 42,000 | 43,000 | 137 | 301 | 446 | 534 | 615 |
| 43,000 | 44,000 | 142 | 312 | 462 | 553 | 638 |
| 44,000 | 45,000 | 147 | 323 | 478 | 573 | 659 |
| 45,000 | 46,000 | 152 | 333 | 495 | 592 | 682 |
| 46,000 | 47,000 | 157 | 344 | 511 | 611 | 705 |
| 47,000 | 48,000 | 162 | 355 | 527 | 631 | 727 |
| 48,000 | 49,000 | 167 | 366 | 543 | 650 | 750 |
| 49,000 | 50,000 | 172 | 377 | 559 | 670 | 772 |
| 50,000 | 51,000 | 177 | 388 | 575 | 689 | 794 |
| 51,000 | 52,000 | 182 | 399 | 591 | 709 | 816 |
| 52,000 | 53,000 | 187 | 410 | 607 | 728 | 839 |
| 53,000 | 54,000 | 192 | 420 | 624 | 747 | 862 |
| 54,000 | 55,000 | 197 | 431 | 640 | 767 | 884 |
| 55,000 | 56,000 | 202 | 442 | 657 | 785 | 906 |
| 56,000 | 57,000 | 207 | 453 | 673 | 805 | 928 |
| 57,000 | 58,000 | 212 | 464 | 689 | 824 | 951 |
| 58,000 | 59,000 | 217 | 475 | 705 | 844 | 973 |
| 59,000 | 60,000 | 222 | 486 | 721 | 863 | 996 |
| 60,000 | 62,000 | 229 | 502 | 746 | 892 | 1,029 |
| 62,000 | 64,000 | 239 | 524 | 778 | 931 | 1,074 |
| 64,000 | 66,000 | 249 | 546 | 810 | 970 | 1,118 |
| 66,000 | 68,000 | 259 | 567 | 843 | 1,008 | 1,164 |
| 68,000 | 70,000 | 269 | 589 | 875 | 1,047 | 1,209 |
| 70,000 | 72,000 | 279 | 611 | 907 | 1,086 | 1,253 |
| 72,000 | 74,000 | 289 | 633 | 939 | 1,125 | 1,298 |
| 74,000 | 76,000 | 299 | 654 | 972 | 1,164 | 1,342 |
| 76,000 | 78,000 | 309 | 676 | 1,004 | 1,203 | 1,387 |
| 78,000 | 80,000 | 319 | 698 | 1,036 | 1,242 | 1,432 |
| 80,000 | 85,000 | 336 | 736 | 1,093 | 1,309 | 1,511 |
| 85,000 | 90,000 | 361 | 791 | 1,173 | 1,406 | 1,623 |
| 90,000 | 95,000 | 386 | 845 | 1,255 | 1,503 | 1,734 |
| 95,000 | 100,000 | 410 | 900 | 1,335 | 1,600 | 1,846 |
| 100,000 | 110,000 | 448 | 981 | 1,457 | 1,745 | 2,014 |
| 110,000 | 120,000 | 497 | 1,090 | 1,619 | 1,939 | 2,238 |
| 120,000 | 130,000 | 547 | 1,199 | 1,780 | 2,133 | 2,462 |
| 130,000 | 140,000 | 597 | 1,308 | 1,942 | 2,327 | 2,685 |
| 140,000 | 150,000 | 646 | 1,417 | 2,103 | 2,521 | 2,910 |
| 150,000 | 160,000 | 696 | 1,526 | 2,265 | 2,715 | 3,133 |
| 160,000 | 170,000 | 745 | 1,635 | 2,427 | 2,908 | 3,357 |
| 170,000 | 180,000 | 795 | 1,744 | 2,588 | 3,103 | 3,581 |
| 180,000 | 190,000 | 845 | 1,853 | 2,750 | 3,296 | 3,805 |
| 190,000 | 200,000 | 894 | 1,962 | 2,912 | 3,490 | 4,028 |
| 200,000 | 210,000 | 944 | 2,071 | 3,073 | 3,684 | 4,252 |
| 210,000 | 220,000 | 994 | 2,179 | 3,235 | 3,878 | 4,476 |
| 220,000 | 230,000 | 1,043 | 2,289 | 3,396 | 4,072 | 4,700 |
| 230,000 | 240,000 | 1,093 | 2,397 | 3,559 | 4,265 | 4,924 |
| 240,000 | and up | 1,142 | 2,507 | 3,720 | 4,459 | 5,148 |
| REV. PROC. 2008-22 TABLE 6 | ||||||
|---|---|---|---|---|---|---|
| DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2008 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair Market Value of Truck or Van | Tax Year During Lease | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Over | Not Over | 1st | 2nd | 3rd | 4th | 5th & later |
| --- | --- | --- | --- | --- | --- | --- |
| $19,000 | $19,500 | 17 | 37 | 54 | 65 | 73 |
| 19,500 | 20,000 | 20 | 42 | 63 | 73 | 85 |
| 20,000 | 20,500 | 22 | 48 | 70 | 84 | 96 |
| 20,500 | 21,000 | 25 | 53 | 79 | 93 | 107 |
| 21,000 | 21,500 | 27 | 59 | 86 | 103 | 118 |
| 21,500 | 22,000 | 30 | 64 | 95 | 112 | 130 |
| 22,000 | 23,000 | 33 | 72 | 107 | 128 | 146 |
| 23,000 | 24,000 | 38 | 83 | 123 | 147 | 168 |
| 24,000 | 25,000 | 43 | 94 | 139 | 166 | 191 |
| 25,000 | 26,000 | 48 | 105 | 155 | 186 | 213 |
| 26,000 | 27,000 | 53 | 116 | 171 | 205 | 236 |
| 27,000 | 28,000 | 58 | 127 | 187 | 225 | 258 |
| 28,000 | 29,000 | 63 | 138 | 204 | 243 | 280 |
| 29,000 | 30,000 | 68 | 148 | 221 | 263 | 302 |
| 30,000 | 31,000 | 73 | 159 | 237 | 282 | 325 |
| 31,000 | 32,000 | 78 | 170 | 253 | 301 | 348 |
| 32,000 | 33,000 | 83 | 181 | 269 | 321 | 370 |
| 33,000 | 34,000 | 88 | 192 | 285 | 340 | 393 |
| 34,000 | 35,000 | 93 | 203 | 301 | 360 | 414 |
| 35,000 | 36,000 | 98 | 214 | 317 | 379 | 437 |
| 36,000 | 37,000 | 103 | 225 | 333 | 399 | 459 |
| 37,000 | 38,000 | 108 | 235 | 350 | 418 | 482 |
| 38,000 | 39,000 | 113 | 246 | 366 | 437 | 505 |
| 39,000 | 40,000 | 118 | 257 | 382 | 457 | 526 |
| 40,000 | 41,000 | 123 | 268 | 398 | 476 | 549 |
| 41,000 | 42,000 | 128 | 279 | 414 | 496 | 571 |
| 42,000 | 43,000 | 133 | 290 | 430 | 515 | 594 |
| 43,000 | 44,000 | 137 | 301 | 447 | 534 | 616 |
| 44,000 | 45,000 | 142 | 312 | 463 | 553 | 639 |
| 45,000 | 46,000 | 147 | 323 | 479 | 573 | 661 |
| 46,000 | 47,000 | 152 | 334 | 495 | 592 | 684 |
| 47,000 | 48,000 | 157 | 345 | 511 | 612 | 705 |
| 48,000 | 49,000 | 162 | 356 | 527 | 631 | 728 |
| 49,000 | 50,000 | 167 | 366 | 544 | 651 | 750 |
| 50,000 | 51,000 | 172 | 377 | 560 | 670 | 773 |
| 51,000 | 52,000 | 177 | 388 | 576 | 689 | 796 |
| 52,000 | 53,000 | 182 | 399 | 592 | 709 | 817 |
| 53,000 | 54,000 | 187 | 410 | 608 | 728 | 840 |
| 54,000 | 55,000 | 192 | 421 | 624 | 748 | 862 |
| 55,000 | 56,000 | 197 | 432 | 640 | 767 | 885 |
| 56,000 | 57,000 | 202 | 443 | 656 | 787 | 907 |
| 57,000 | 58,000 | 207 | 453 | 673 | 806 | 929 |
| 58,000 | 59,000 | 212 | 464 | 689 | 825 | 952 |
| 59,000 | 60,000 | 217 | 475 | 705 | 845 | 974 |
| 60,000 | 62,000 | 224 | 492 | 729 | 874 | 1,008 |
| 62,000 | 64,000 | 234 | 513 | 762 | 913 | 1,052 |
| 64,000 | 66,000 | 244 | 535 | 794 | 951 | 1,098 |
| 66,000 | 68,000 | 254 | 557 | 826 | 990 | 1,142 |
| 68,000 | 70,000 | 264 | 579 | 858 | 1,029 | 1,187 |
| 70,000 | 72,000 | 274 | 600 | 892 | 1,067 | 1,232 |
| 72,000 | 74,000 | 284 | 622 | 924 | 1,106 | 1,276 |
| 74,000 | 76,000 | 294 | 644 | 956 | 1,145 | 1,321 |
| 76,000 | 78,000 | 304 | 666 | 988 | 1,184 | 1,366 |
| 78,000 | 80,000 | 314 | 687 | 1,021 | 1,222 | 1,411 |
| 80,000 | 85,000 | 331 | 726 | 1,077 | 1,290 | 1,489 |
| 85,000 | 90,000 | 356 | 780 | 1,158 | 1,387 | 1,601 |
| 90,000 | 95,000 | 381 | 835 | 1,238 | 1,484 | 1,713 |
| 95,000 | 100,000 | 405 | 889 | 1,320 | 1,581 | 1,825 |
| 100,000 | 110,000 | 443 | 971 | 1,440 | 1,727 | 1,993 |
| 110,000 | 120,000 | 492 | 1,080 | 1,602 | 1,921 | 2,216 |
| 120,000 | 130,000 | 542 | 1,189 | 1,764 | 2,114 | 2,440 |
| 130,000 | 140,000 | 592 | 1,297 | 1,926 | 2,308 | 2,665 |
| 140,000 | 150,000 | 641 | 1,407 | 2,087 | 2,502 | 2,888 |
| 150,000 | 160,000 | 691 | 1,515 | 2,249 | 2,696 | 3,112 |
| 160,000 | 170,000 | 740 | 1,625 | 2,410 | 2,890 | 3,336 |
| 170,000 | 180,000 | 790 | 1,733 | 2,573 | 3,083 | 3,560 |
| 180,000 | 190,000 | 840 | 1,842 | 2,734 | 3,278 | 3,783 |
| 190,000 | 200,000 | 889 | 1,951 | 2,896 | 3,472 | 4,007 |
| 200,000 | 210,000 | 939 | 2,060 | 3,058 | 3,665 | 4,231 |
| 210,000 | 220,000 | 989 | 2,169 | 3,219 | 3,859 | 4,455 |
| 220,000 | 230,000 | 1,038 | 2,278 | 3,381 | 4,053 | 4,678 |
| 230,000 | 240,000 | 1,088 | 2,387 | 3,542 | 4,247 | 4,903 |
| 240,000 | and up | 1,137 | 2,496 | 3,704 | 4,441 | 5,126 |
SECTION 5. EFFECTIVE DATE
This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by the taxpayer during calendar year 2008, and to leased passenger automobiles that are first leased by the taxpayer during calendar year 2008.
SECTION 6. DRAFTING INFORMATION
The principal author of this revenue procedure is Bernard P. Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). For further information regarding the depreciation limitations and lessee inclusion amounts in this revenue procedure, contact Bernard P. Harvey at (202) 622-4930 (not a toll-free call).