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COPYRIGHT 2001 SourceMedia, Inc.
* TAX COURT BACKS IRS IN BARRING LATE SECTION 179 ELECTION: In a case of first impression, the Tax Court agreed that the IRS acted reasonably in denying a taxpayer's request to amend his return and claim a deduction under Code Sec. 179 after determining that certain items claimed as deductions were in fact depreciable.
The court refused to characterize as an abuse of discretion the agency's decision to in effect bind the taxpayer to the election on his original return not to make a Sec. 179 election;...
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