IRS Sets Depreciation, Income Limitations For Passenger Cars Placed in Service in 2010

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The Internal Revenue Service, in Rev. Proc. 2010-18 issued Feb. 16, outlined the depreciation deduction limitations allowable for owners of passenger cars first placed in service during calendar year 2010, and amounts to be included in income by lessees of passenger cars first leased during calendar year 2010. 

IRS said the revenue procedure includes tables detailing these depreciation limitations and lessee income inclusion amounts that reflect the automobile price inflation adjustments required by Section 280F(d)(7) of the Internal Revenue Code.
The revenue procedure also includes a separate table of limitations on depreciation deductions for trucks and vans, and a table of income inclusion amounts for lessees of trucks and vans.