Rev. Proc. 79-42
Rev. Proc. 79-42; 1979-2 C.B. 507
- Cross-Reference
26 CFR 601.105: Examination of returns and claims for refund, credit,
or abatement; determination of correct tax liability.
(Also Part I, Section 167; 1.167(a)-11.)
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Superseded by Rev. Proc. 83-35
Section 1. Purpose
In this Revenue Procedure, the Assistant Secretary (Tax Policy) of the Treasury prescribes certain changes with respect to the Class Life Asset Depreciation Range System. The purpose of this Revenue Procedure is to establish under section 1.167(a)-11 of the Income Tax Regulations a new asset guideline class, depreciation period and range and annual repair allowance percentage for assets used in the manufacture of primary steel mill products. These assets were formerly included in asset guideline classes 33.1 (Manufacture of Primary Ferrous Metals) and 33.11 (Manufacture of Primary Ferrous Metals--Special Tools).
The new asset guideline class, asset guideline period and range, and annual asset guideline repair allowance percentage are set forth in Section 2 of this Revenue Procedure.
Sec. 2. Asset Guideline Class, Asset Guideline Depreciation Period and Range, and Annual Asset Guideline Repair Allowance Percentage for Assets Used in the Manufacture of Primary Steel Mill Products
The new asset guideline class, asset guideline depreciation period and range, and the annual asset guideline repair allowance percentage are prescribed as set forth below.
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Annual
Asset
Asset Depreciation Range Guide-
(in years) line
------------------------ Repair
Asset Asset Allow-
Guide- Guide- ance
line Description of Assets Lower line Upper Percent-
Class Included Limit Period Limit age
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33.4 Manufacture of Primary
Steel Mill Products:
Includes assets used in
the smelting, reduc-
tion, and refining of
iron and steel from
ore, pig, or scrap;
the rolling, drawing
and alloying of
steel; the manufac-
ture of nails, spikes,
structural shapes,
tubing, wire, and
cable. Includes assets
used by steel service
centers, ferrous metal
forges, and assets
used in coke produc-
tion, regardless of
ownership. Also
includes related
land improvements and
all special tools
used in the above
activities _____________ 12 15 18 18
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Sec. 3. Effect on Other Documents
Rev. Proc. 77-10, 1977-1 C.B. 548, as modified, is further modified by the prescription of a new asset guideline class 33.4 (Manufacture of Primary Steel Mill Products), with a new asset guideline depreciation period and range and annual asset guideline repair percentage.
Sec. 4. Effective Date
This revenue procedure is effective for assets placed in service during a taxpayer's first taxable year ending on or after August 17, 1979 and for assets placed in service during the four succeeding consecutive taxable years. For instance, in the case of a calendar year taxpayer this revenue procedure is effective for assets placed in service through the taxable year ending December 31, 1983.
- Cross-Reference
26 CFR 601.105: Examination of returns and claims for refund, credit,
or abatement; determination of correct tax liability.
(Also Part I, Section 167; 1.167(a)-11.)
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
