Rev. Proc. 80-33

In this revenue procedure, the Assistant Secretary (Tax Policy) of the Treasury prescribes revised effective dates for Rev. Proc. 79- 26, 1979-1 C.B. 566 and Rev. Proc. 79-35, 1979-2 C.B. 498, both of which prescribed certain changes to Rev. Proc. 77-10, 1977-1 C.B. 548, regarding the Class Life Asset Depreciation Range system.

The effective date of Rev. Proc. 79-26, concerning waste reduction and resource recovery plants, central steam utility production and distribution, electric utility steam production plants, gas utility manufactured gas production plants, and industrial steam and electric generation and/or distribution systems, is revised to be April 30, 1979. The effective date of Rev. Proc. 79- 35, concerning the manufacture of chemicals and allied products and the manufacture of professional, scientific, and controlling instruments, is revised to be July 16, 1979. These new effective dates are the dates of publication in the Internal Revenue Bulletin and are to be applied in accordance with section 1.167(a)-11(b)(4) of the Income Tax Regulations. That is, the asset guideline classes, periods, and ranges determined for such periods in effect as of the last day of a taxable year of election shall apply to all vintage accounts of such taxable year, except that neither the asset guideline period nor the lower limit of the asset depreciation range for any such account shall be longer than the asset guideline period or lower limit of the asset depreciation range, as the case may be, for such account in effect as of the first day of the taxable year.

Also, under the provisions of section 1.167(a)-11(b)(4) of the regulations this revenue procedure expressly provides that taxpayers, who were precluded from depreciating assets by application of Rev. Proc. 79-26 and Rev. Proc. 79-35 because of the prior effective dates, may, if tax returns have been filed for the taxable year beginning prior to January 1, 1979, at their option, utilize the asset depreciation ranges or periods described therein by filing an amended return in accordance with section 301.6402-3 of the regulations, provided section 1.167(a)-11(b)(4), as stated above, is applicable.

Rev. Procs. 79-26 and 79-35 modified.