IRS Tax Forms  
Publication 946 2001 Tax Year

Important Changes

Increase in the section 179 deduction. The maximum section 179 deduction you can elect for property you placed in service during 2001 has increased to $24,000. This amount will continue to increase through 2003. See Dollar Limit under How Much Can You Deduct? in chapter 2.

Election not to apply the mid-quarter convention under MACRS. If you file your 2001 return on a calendar year basis, on a fiscal year basis, or for a short tax year and the third or fourth quarter of your tax year includes September 11, 2001, you can elect to apply the half-year convention to all property placed in service during the year that would otherwise be subject to the mid-quarter convention under MACRS. See Which Convention Applies? and Using the Applicable Convention in a Short Tax Year in chapter 3.

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