Rev. Proc. 2009-24
Rev. Proc. 2009-24
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 2009, 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 2009, 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 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. Section 168(k)(2)(F)(i) increases 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 § 168(g), including property described in § 280F(b)(1). Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). 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 or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies.
.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 a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. One table applies to lessees of trucks and vans and another table applies to 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 2009, 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 2009. Lessees of these 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, Rev. Proc. 2007-30, 2007-1 C.B. 1104, for passenger automobiles first leased during calendar year 2007, and Rev. Proc. 2008-22, 2008-12 I.R.B. 658, for passenger automobiles first leased during calendar year 2008.
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 2009 are in Tables 1 through 4 in section 4.02(2) of this revenue procedure.
(2) Inclusions in income of lessees of passenger automobiles. A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4.03 of this revenue procedure. In addition, the taxpayer must follow the procedures of § 1.280F-7(a).
.02 Limitations on Depreciation Deductions for Certain Automobiles.
(1) Amount of the inflation adjustment.
(a) Passenger automobiles (other than trucks or vans). 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 new car component of the CPI was 115.2 for October 1987 and 134.837 for October 2008. The October 2008 index exceeded the October 1987 index by 19.637. The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17.05 percent (19.637/115.2 x 100%). This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0.1705, 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 2009.
(b) Trucks and vans. To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, 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 133.640 for October 2008. The October 2008 index exceeded the October 1987 index by 21.24. The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18.90 percent (21.24/112.4 x 100%). This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0.1890, 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 2009, 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 2009, 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 or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, 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 2009, 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 or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies.
| REV. PROC. 2009-24 TABLE 1 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, 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. 2009-24 TABLE 2 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, 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. 2009-24 TABLE 3 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY | |
| --- | --- |
| Tax Year | Amount |
| --- | --- |
| 1st Tax Year | $3,060 |
| 2nd Tax Year | $4,900 |
| 3rd Tax Year | $2,950 |
| Each Succeeding Year | $1,775 |
| REV. PROC. 2009-24 TABLE 4 | |
|---|---|
| DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES | |
| --- | --- |
| Tax Year | Amount |
| --- | --- |
| 1st Tax Year | $11,060 |
| 2nd Tax Year | $4,900 |
| 3rd Tax Year | $2,950 |
| Each Succeeding Year | $1,775 |
.03 Inclusions in Income of Lessees of Passenger Automobiles.
The inclusion amounts for passenger automobiles first leased in calendar year 2009 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. 2009-24 TABLE 5 | ||||||
|---|---|---|---|---|---|---|
| DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair Market Value of Passenger Automobile | Tax Year During Lease | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Over | Not Over | 1st | 2nd | 3rd | 4th | 5th & Later |
| --- | --- | --- | --- | --- | --- | --- |
| $18,500 | $19,000 | 9 | 19 | 28 | 34 | 38 |
| 19,000 | 19,500 | 10 | 21 | 32 | 38 | 43 |
| 19,500 | 20,000 | 11 | 24 | 36 | 42 | 48 |
| 20,000 | 20,500 | 12 | 27 | 39 | 46 | 54 |
| 20,500 | 21,000 | 13 | 29 | 43 | 51 | 58 |
| 21,000 | 21,500 | 15 | 31 | 47 | 55 | 64 |
| 21,500 | 22,000 | 16 | 34 | 50 | 60 | 68 |
| 22,000 | 23,000 | 17 | 38 | 56 | 66 | 76 |
| 23,000 | 24,000 | 20 | 42 | 64 | 75 | 86 |
| 24,000 | 25,000 | 22 | 47 | 71 | 84 | 96 |
| 25,000 | 26,000 | 24 | 52 | 78 | 93 | 107 |
| 26,000 | 27,000 | 26 | 58 | 85 | 101 | 117 |
| 27,000 | 28,000 | 29 | 62 | 93 | 110 | 127 |
| 28,000 | 29,000 | 31 | 67 | 100 | 119 | 138 |
| 29,000 | 30,000 | 33 | 72 | 108 | 128 | 147 |
| 30,000 | 31,000 | 35 | 77 | 115 | 137 | 157 |
| 31,000 | 32,000 | 38 | 82 | 122 | 146 | 167 |
| 32,000 | 33,000 | 40 | 87 | 129 | 155 | 178 |
| 33,000 | 34,000 | 42 | 92 | 137 | 163 | 188 |
| 34,000 | 35,000 | 44 | 97 | 144 | 172 | 199 |
| 35,000 | 36,000 | 47 | 102 | 151 | 181 | 208 |
| 36,000 | 37,000 | 49 | 107 | 159 | 189 | 219 |
| 37,000 | 38,000 | 51 | 112 | 166 | 199 | 228 |
| 38,000 | 39,000 | 53 | 117 | 173 | 208 | 239 |
| 39,000 | 40,000 | 56 | 122 | 180 | 216 | 250 |
| 40,000 | 41,000 | 58 | 127 | 188 | 225 | 259 |
| 41,000 | 42,000 | 60 | 132 | 195 | 234 | 269 |
| 42,000 | 43,000 | 62 | 137 | 203 | 242 | 280 |
| 43,000 | 44,000 | 65 | 141 | 210 | 252 | 290 |
| 44,000 | 45,000 | 67 | 146 | 218 | 260 | 300 |
| 45,000 | 46,000 | 69 | 151 | 225 | 269 | 311 |
| 46,000 | 47,000 | 71 | 157 | 232 | 278 | 320 |
| 47,000 | 48,000 | 74 | 161 | 240 | 286 | 331 |
| 48,000 | 49,000 | 76 | 166 | 247 | 296 | 340 |
| 49,000 | 50,000 | 78 | 171 | 255 | 304 | 351 |
| 50,000 | 51,000 | 80 | 176 | 262 | 313 | 361 |
| 51,000 | 52,000 | 83 | 181 | 269 | 322 | 371 |
| 52,000 | 53,000 | 85 | 186 | 276 | 331 | 381 |
| 53,000 | 54,000 | 87 | 191 | 284 | 339 | 392 |
| 54,000 | 55,000 | 89 | 196 | 291 | 349 | 401 |
| 55,000 | 56,000 | 92 | 201 | 298 | 357 | 412 |
| 56,000 | 57,000 | 94 | 206 | 306 | 365 | 423 |
| 57,000 | 58,000 | 96 | 211 | 313 | 375 | 432 |
| 58,000 | 59,000 | 98 | 216 | 320 | 384 | 442 |
| 59,000 | 60,000 | 101 | 221 | 327 | 393 | 452 |
| 60,000 | 62,000 | 104 | 228 | 339 | 406 | 467 |
| 62,000 | 64,000 | 109 | 238 | 353 | 424 | 488 |
| 64,000 | 66,000 | 113 | 248 | 368 | 441 | 509 |
| 66,000 | 68,000 | 118 | 258 | 382 | 459 | 529 |
| 68,000 | 70,000 | 122 | 268 | 397 | 476 | 550 |
| 70,000 | 72,000 | 127 | 277 | 413 | 493 | 570 |
| 72,000 | 74,000 | 131 | 288 | 427 | 511 | 590 |
| 74,000 | 76,000 | 136 | 297 | 442 | 529 | 610 |
| 76,000 | 78,000 | 140 | 307 | 457 | 546 | 631 |
| 78,000 | 80,000 | 145 | 317 | 471 | 564 | 651 |
| 80,000 | 85,000 | 152 | 335 | 497 | 595 | 686 |
| 85,000 | 90,000 | 164 | 359 | 534 | 639 | 737 |
| 90,000 | 95,000 | 175 | 384 | 570 | 683 | 789 |
| 95,000 | 100,000 | 186 | 409 | 607 | 727 | 839 |
| 100,000 | 110,000 | 203 | 446 | 662 | 793 | 916 |
| 110,000 | 120,000 | 226 | 495 | 736 | 881 | 1,018 |
| 120,000 | 130,000 | 248 | 545 | 809 | 970 | 1,119 |
| 130,000 | 140,000 | 271 | 594 | 883 | 1,058 | 1,220 |
| 140,000 | 150,000 | 293 | 644 | 956 | 1,146 | 1,322 |
| 150,000 | 160,000 | 316 | 693 | 1,030 | 1,234 | 1,424 |
| 160,000 | 170,000 | 338 | 743 | 1,103 | 1,322 | 1,526 |
| 170,000 | 180,000 | 361 | 792 | 1,177 | 1,410 | 1,628 |
| 180,000 | 190,000 | 383 | 842 | 1,250 | 1,498 | 1,730 |
| 190,000 | 200,000 | 406 | 891 | 1,324 | 1,586 | 1,831 |
| 200,000 | 210,000 | 428 | 941 | 1,397 | 1,675 | 1,932 |
| 210,000 | 220,000 | 451 | 990 | 1,471 | 1,762 | 2,035 |
| 220,000 | 230,000 | 473 | 1,040 | 1,544 | 1,851 | 2,136 |
| 230,000 | 240,000 | 496 | 1,089 | 1,618 | 1,939 | 2,238 |
| 240,000 | And up | 518 | 1,139 | 1,691 | 2,027 | 2,340 |
| REV. PROC. 2009-24 TABLE 6 | ||||||
|---|---|---|---|---|---|---|
| DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair Market Value of Electric Automobile | Tax Year During Lease | |||||
| --- | --- | --- | --- | --- | --- | --- |
| Over | Not Over | 1st | 2nd | 3rd | 4th | 5th and Later |
| --- | --- | --- | --- | --- | --- | --- |
| $18,500 | $19,000 | 8 | 17 | 25 | 30 | 35 |
| 19,000 | 19,500 | 9 | 19 | 29 | 35 | 40 |
| 19,500 | 20,000 | 10 | 22 | 33 | 38 | 45 |
| 20,000 | 20,500 | 11 | 25 | 36 | 43 | 50 |
| 20,500 | 21,000 | 12 | 27 | 40 | 48 | 55 |
| 21,000 | 21,500 | 13 | 30 | 43 | 52 | 60 |
| 21,500 | 22,000 | 15 | 32 | 47 | 56 | 66 |
| 22,000 | 23,000 | 16 | 36 | 52 | 64 | 72 |
| 23,000 | 24,000 | 18 | 41 | 60 | 72 | 83 |
| 24,000 | 25,000 | 21 | 45 | 68 | 81 | 93 |
| 25,000 | 26,000 | 23 | 50 | 75 | 90 | 103 |
| 26,000 | 27,000 | 25 | 56 | 82 | 98 | 114 |
| 27,000 | 28,000 | 27 | 61 | 89 | 107 | 124 |
| 28,000 | 29,000 | 30 | 65 | 97 | 116 | 134 |
| 29,000 | 30,000 | 32 | 70 | 104 | 125 | 144 |
| 30,000 | 31,000 | 34 | 75 | 112 | 134 | 154 |
| 31,000 | 32,000 | 36 | 80 | 119 | 143 | 164 |
| 32,000 | 33,000 | 39 | 85 | 126 | 151 | 175 |
| 33,000 | 34,000 | 41 | 90 | 134 | 160 | 184 |
| 34,000 | 35,000 | 43 | 95 | 141 | 169 | 195 |
| 35,000 | 36,000 | 45 | 100 | 148 | 178 | 205 |
| 36,000 | 37,000 | 48 | 105 | 155 | 187 | 215 |
| 37,000 | 38,000 | 50 | 110 | 163 | 195 | 226 |
| 38,000 | 39,000 | 52 | 115 | 170 | 204 | 236 |
| 39,000 | 40,000 | 55 | 120 | 177 | 213 | 246 |
| 40,000 | 41,000 | 57 | 125 | 185 | 221 | 256 |
| 41,000 | 42,000 | 59 | 130 | 192 | 231 | 266 |
| 42,000 | 43,000 | 61 | 135 | 199 | 240 | 276 |
| 43,000 | 44,000 | 64 | 139 | 207 | 249 | 286 |
| 44,000 | 45,000 | 66 | 144 | 215 | 257 | 296 |
| 45,000 | 46,000 | 68 | 149 | 222 | 266 | 307 |
| 46,000 | 47,000 | 70 | 155 | 229 | 274 | 317 |
| 47,000 | 48,000 | 73 | 159 | 237 | 283 | 327 |
| 48,000 | 49,000 | 75 | 164 | 244 | 292 | 338 |
| 49,000 | 50,000 | 77 | 169 | 251 | 301 | 348 |
| 50,000 | 51,000 | 79 | 174 | 259 | 310 | 357 |
| 51,000 | 52,000 | 82 | 179 | 266 | 318 | 368 |
| 52,000 | 53,000 | 84 | 184 | 273 | 328 | 378 |
| 53,000 | 54,000 | 86 | 189 | 281 | 336 | 388 |
| 54,000 | 55,000 | 88 | 194 | 288 | 345 | 399 |
| 55,000 | 56,000 | 91 | 199 | 295 | 354 | 408 |
| 56,000 | 57,000 | 93 | 204 | 302 | 363 | 419 |
| 57,000 | 58,000 | 95 | 209 | 310 | 371 | 429 |
| 58,000 | 59,000 | 97 | 214 | 317 | 381 | 439 |
| 59,000 | 60,000 | 100 | 219 | 324 | 389 | 450 |
| 60,000 | 62,000 | 103 | 226 | 336 | 402 | 465 |
| 62,000 | 64,000 | 107 | 236 | 351 | 420 | 485 |
| 64,000 | 66,000 | 112 | 246 | 365 | 438 | 505 |
| 66,000 | 68,000 | 116 | 256 | 380 | 455 | 526 |
| 68,000 | 70,000 | 121 | 266 | 394 | 473 | 546 |
| 70,000 | 72,000 | 125 | 276 | 409 | 491 | 566 |
| 72,000 | 74,000 | 130 | 286 | 423 | 509 | 586 |
| 74,000 | 76,000 | 134 | 296 | 438 | 526 | 607 |
| 76,000 | 78,000 | 139 | 305 | 454 | 543 | 627 |
| 78,000 | 80,000 | 143 | 316 | 467 | 561 | 648 |
| 80,000 | 85,000 | 151 | 333 | 493 | 592 | 684 |
| 85,000 | 90,000 | 163 | 357 | 531 | 635 | 735 |
| 90,000 | 95,000 | 174 | 382 | 567 | 680 | 785 |
| 95,000 | 100,000 | 185 | 407 | 604 | 724 | 836 |
| 100,000 | 110,000 | 202 | 444 | 659 | 790 | 912 |
| 110,000 | 120,000 | 225 | 493 | 733 | 878 | 1,014 |
| 120,000 | 130,000 | 247 | 543 | 806 | 966 | 1,116 |
| 130,000 | 140,000 | 270 | 592 | 880 | 1,054 | 1,218 |
| 140,000 | 150,000 | 292 | 642 | 953 | 1,143 | 1,319 |
| 150,000 | 160,000 | 315 | 691 | 1,027 | 1,230 | 1,421 |
| 160,000 | 170,000 | 337 | 741 | 1,100 | 1,319 | 1,522 |
| 170,000 | 180,000 | 360 | 790 | 1,174 | 1,407 | 1,624 |
| 180,000 | 190,000 | 382 | 840 | 1,247 | 1,495 | 1,726 |
| 190,000 | 200,000 | 405 | 889 | 1,321 | 1,583 | 1,828 |
| 200,000 | 210,000 | 427 | 939 | 1,394 | 1,671 | 1,930 |
| 210,000 | 220,000 | 450 | 988 | 1,468 | 1,759 | 2,031 |
| 220,000 | 230,000 | 472 | 1,038 | 1,541 | 1,847 | 2,134 |
| 230,000 | 240,000 | 495 | 1,087 | 1,615 | 1,935 | 2,235 |
| 240,000 | and up | 517 | 1,137 | 1,688 | 2,024 | 2,336 |
SECTION 5. EFFECTIVE DATE
This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009.
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 this revenue procedure, contact Mr. Harvey at (202) 622-4930 (not a toll-free call).