Rev. Proc. 80-58

Section 1. Purpose

In this revenue procedure, the Assistant Secretary (Tax Policy) of the Treasury prescribes certain changes in the Class Life Asset Depreciation Range System. The purpose is to delete existing asset guideline classes 15.1 (Contract Construction Other than Marine) and 15.2 (Marine Contract Construction), which also includes assets used in offshore oil and gas drilling, and to establish two new classes with new depreciation periods and ranges, and annual repair allowance percentages for assets used in construction and in offshore oil and gas drilling. These changes are adopted pursuant to section 1.167(a)- 11 of the Income Tax Regulations.

The new asset guideline classes, and associated asset guideline depreciation periods, asset depreciation ranges, and annual asset guideline repair allowance percentages are set forth in Section 2 of this revenue procedure.

Sec. 2. Asset Guideline Classes, Asset Depreciation Ranges, and Annual Asset Guideline Repair Allowance Percentages

The asset guideline classes, asset guideline periods, asset depreciation ranges, and the annual asset guideline repair allowance percentages are prescribed as set forth on next page.

Sec. 3. Effect on other Documents

Rev. Proc. 77-10, 1977-1 C.B. 548, as modified, is further modified by the deletion of existing asset guideline classes 15.1 (Contract Construction Other than Marine) and 15.2 (Marine Contract Construction) and the prescription of two new asset guideline classes 13.0 (Offshore Drilling) and 15.0 (Construction) with new asset guideline periods and asset depreciation ranges and annual asset guideline repair percentages. To be consistent with the aforementioned modifications, the reference to Class 15.2 in asset guideline class 13.2 should now read Class 13.0.

Sec. 4. Effective Date

The revisions set forth in this revenue procedure are effective as of December 29, 1980, the date of publication in the Internal Revenue Bulletin.

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