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IRS Chapter 12

IRS Chapter 12

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Published by: Jon Astros on Oct 11, 2011
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[Source: IRS.gov, 11-13-06. The document is brought here as-is in its entirety]
Home | Contact IRS | About IRS | Site Map | Español | HelpAdvanced Search Search Tips
 IRS Resources
Compliance & Enforcement 
Contact My Local Office 
e-file 
Forms and Publications 
Frequently Asked Questions 
News 
Taxpayer Advocacy 
Where To File 
12. Electric and Clean-Fuel Vehicles
Table of Contents
What's New 
Reminder
Introduction 
Topics - This chapter discusses: 
Useful Items - You may want to see: 
Definitions 
Deductions for Clean-Fuel Vehicle and Refueling Property 
Deduction for Clean-Fuel Vehicle Property 
Deduction for Clean-Fuel Vehicle Refueling Property 
How To Claim the Deductions 
Recapture of the Deductions 
Basis Adjustments 
Electric Vehicle Credit 
Qualified Electric Vehicle 
Amount of the Credit Page 1 of 14 pages
Keyword/Search Terms
 
How To Claim the Credit 
Recapture of the Credit 
Basis Adjustments 
What's New
Clean-fuel vehicle and refueling property deduction.
The clean-fuel vehicle and refueling property deduction will expire for vehiclesplaced in service after December 31, 2005.
Alternative motor vehicle credit.
The Energy Policy Act of 2005added a new credit for alternative motor vehicles placed in serviceafter 2005. For details, see Form 8910, Alternative Motor VehicleCredit.
Reminder
Maximum qualified electric vehicle credit.
The maximum qualifiedelectric vehicle credit will be 25% of the otherwise allowable amount in2006.
Introduction
You are allowed a limited deduction for the cost of clean-fuel vehicleproperty and clean-fuel vehicle refueling property you place in serviceduring the tax year. Also, you are allowed a tax credit of 10% of thecost of any qualified electric vehicle you place in service during the taxyear.You can take the electric vehicle credit or the deduction for clean-fuelvehicle property regardless of whether you use the vehicle in a tradeor business. However, you can take a deduction for clean-fuel vehiclerefueling property only if you use the property in your trade orbusiness.
Topics - This chapter discusses:
The deduction for clean-fuel vehicle property
The deduction for clean-fuel vehicle refueling property
Recapture of the deductions
The electric vehicle creditPage 2 of 14 pages
 
Recapture of the credit
Useful Items - You may want to see:
Publication
463 Travel, Entertainment, Gift, and Car Expenses
544 Sales and Other Dispositions of Assets
946 How To Depreciate Property
Form (and Instructions)
8834Qualified Electric Vehicle Credit
8910
 
<<< this form is attached on the CD
Alternative Motor Vehicle Credit
See chapter 14 for information about getting publications and forms.
Definitions
The following definitions apply throughout this chapter.
Clean-burning fuels.
The following are clean-burning fuels.1.Natural gas.2.Liquefied natural gas.3.Liquefied petroleum gas.
4.Hydrogen.
5.Electricity.6.Any other fuel that is at least 85% alcohol (any kind) or ether.
Motor vehicle.
A motor vehicle is any vehicle that has four or morewheels and is manufactured primarily for use on public streets, roads,and highways. It does not include a vehicle operated exclusively on arail or rails.
Nonqualifying property.
This is property used in the followingways.1.Predominantly outside the United States.2.Predominantly to furnish lodging or in connection with the furnishingof lodging.Page 3 of 14 pages

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