IRS, Treasury Issue Guidance on Making, Revoking Bonus Depreciation Election.

The IRS issued a revenue procedure allowing a taxpayer to make a late election, or to revoke an election, under Sec. 168(k) for certain property acquired by the taxpayer after Sept. 27, 2017, and placed in service by the taxpayer during its taxable year that includes Sept. 28, 2017.

The Tax Cuts and Jobs Act made several changes to bonus depreciation. For example, the additional first year depreciation deduction percentage was increased from 50 to 100. The property eligible for the additional first year depreciation deduction was expanded to include...