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Article: Rev. proc. 2003-38
- Article from:
- United States. Internal Revenue Bulletin
- Article date:
- June 16, 2003
- Author:
CopyrightCopyright Superintendent of Documents Jun 16, 2003. Provided by ProQuest LLC. (Hide copyright information)
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26 CFR 601.105: Examination of returns and claims for refund, credit or abatement; determination of correct tax liability.
(Also Part I, [sec][sec] 56, 168, 1400I.)
SECTION 1. PURPOSE
This revenue procedure provides the time and manner for states to make allocations under [sec] 1400I of the Internal Revenue Code of commercial revitalization expenditure amounts to a new or substantially rehabilitated building that is placed in service in a renewal community. This revenue procedure also explains how a taxpayer may make an election under [sec] 1400I(a) to recover the cost of the building using a more accelerated method than is otherwise allowable under the depreciation provisions in [sec] 168.