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Article: Rev. Proc. 2006-16
- Article from:
- United States. Internal Revenue Bulletin
- Article date:
- February 27, 2006
- Author:
CopyrightCopyright Superintendent of Documents Feb 27, 2006. Provided by ProQuest LLC. (Hide copyright information)
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SECTION 1. PURPOSE
This revenue procedure explains how a commercial revitalization agency may retroactively allocate commercial revitalization expenditure amounts for certain buildings located in the expanded area of a renewal community pursuant to § 1400E(g) of the Internal Revenue Code. This revenue procedure also explains how a taxpayer may make a commercial revitalization deduction election under § 1400I(a) for these buildings and may deduct the increased § 179 expensing amount under § 1400J for certain § 179 property that is placed in service in the expanded area of a renewal community pursuant to § 1400E(g).
SECTION 2. BACKGROUND
.01 Section 1400E, as added by § 101 (a) of the ...