Rev. Proc. 61-5

Final Income Tax Regulations pertaining to section 179 of the Internal Revenue Code of 1954 were adopted as Treasury Decision 6507, on December 1, 1960, and published in the Federal Register on December 2, 1960, 25 F.R. 12340, C.B. 1960-2, 91. These regulations supersede the Temporary Rules relating to Additional First-Year Depreciation Allowance for Small Business, published as Treasury Decision 6335, approved November 13, 1958, 23 F.R. 8979, C.B. 1958-2, 1112.

Statements of elections filed prior to December 2, 1960, which met the requirements of Treasury Decision 6335 shall continue in effect and need not be amended.

Statements of elections filed prior to December 2, 1960, which were incomplete under the requirements of Treasury Decision 6335 ( i.e. , lack of how and from whom the assets were purchased), but which now conform to the information requirements of Treasury Decision 6507, will be accepted as elections properly made under Treasury Decision 6335 and the taxpayers need take no further action.

¹ Also released as Technical Information Release 306, dated February 22, 1961.