Rev. Proc. 79-41
Rev. Proc. 79-41; 1979-2 C.B. 506
- 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Superseded by Rev.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. One purpose of this Revenue Procedure is to eliminate existing asset guideline classes 33.1 (Manufacture of Primary Ferrous Metals) and 33.11 (Manufacture of Primary Ferrous Metals--Special Tools). A further purpose is to establish a new asset guideline class, depreciation period and range, and annual repair allowance percentage for assets used in the manufacture of foundry products, formerly included in classes 33.1 and 33.11 (Rev. Proc. 79-42, relating to property used in the manufacture of primary steel mill products, prescribes changes for the other assets formerly included in classes 33.1 and 33.11.) These changes are adopted pursuant to section 1.167(a)-11 of the Income Tax Regulations.
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 Foundry 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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33.3 Manufacture of Foundry
Products:
Includes assets used in
the casting of iron
and steel, including
related operations
such as molding and
coremaking. Also in-
cludes assets used in
the finishing of
castings and pattern-
making when performed
at the foundry, all
special tools and
related land improve-
ments __________________ 11 14 17 18
Sec. 3. Effect on Other Documents
Rev. Proc. 77-10, 1977-1 C.B. 548, as modified, is further modified by the elimination of existing asset guideline classes 33.1 (Manufacture of Primary Ferrous Metals) and 33.11 (Manufacture of Primary Ferrous Metals -- Special Tools) and the prescription of a new asset guideline class 33.3 (Manufacture of Foundry Products) with a new asset guideline depreciation period and range and annual asset guideline repair percentage.
Sec. 4. Effective Date
The revision set forth in this Revenue Procedure is effective for property placed in service in taxable years ending on or after August 17, 1979.
- 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
