Rev. Proc. 73-26
Rev. Proc. 73-26; 1973-2 C.B. 479
- 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.)
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Superseded by Rev. Proc. 77-10 Modified by Rev. Proc. 76-17
Section 1. Purpose.
The purpose of this Revenue Procedure is to clarify and amplify, under section 1.167(a)-11 and section 1.167(a)-12 of the Income Tax Regulations, the nature and type of assets included in subclasses of asset guideline class 22.0, "Manufacture of textile mill products." There is no change in the asset guideline periods, ranges, or guideline repair allowance percentages in this supplement of Rev. Proc. 72-10, 1972-1 C.B. 721.
The new descriptions of asset guideline classes 22.1, "Knitwear and knit products," 22.2, "Textile mill products, except knitwear," and 22.3, "Finishing and dyeing," clarify the definitions by specifying examples of some of the types of machinery and equipment that are included in each class.
Sec. 2. Asset Guideline Classes and Periods, Asset Depreciation Ranges, and Asset Guideline Repair Allowances for the Manufacture of Textile Mill Products.
The asset guideline classes, description of assets included, guideline periods and ranges, and repair allowance percentages are prescribed as follows:
---------------------------------------------------------------------
Annual
Asset Depreciation Asset
Asset Range (in years) Guide-
Guide- ---------------------- line
line Description of Assets Asset Repair
Class Included Lower Guide- Upper Allow-
limit line limit ance
Period Percent-
age
---------------------------------------------------------------------
22.0 Manufacture of textile
mill products:
22.1 Knitwear and knit
products:
Includes assets used in
the production of knit
fabrics, knit apparel,
and yarns processed for
knitting, such as
boarding machines,
dryers, knitting
machines, loopers,
warpers, winders, seaming
machines, twisting
machines, twist setting
machines, texturizing
machines, and collection
system equipment _________ 7 9 11 7.0
22.2 Textile mill products,
except knitwear:
Includes assets used in
the production of spun
yarn and woven or non-
woven fabrics,
mattresses, carpets,
rugs, pads, sheets, and
other products of natural
or synthetic fibers, such
as preparatory equipment
for fibers, and machinery
for carding, combing,
drawing, roving,
spinning, twisting,
warping, winding,
slashing, and weaving ____ 11 14 17 4.5
22.3 Finishing and dyeing:
Includes assets used in
the finishing and dyeing
of natural and synthetic
fibers, yarns, fabrics
including knit materials,
and knit apparel, such as
assets used for washing,
bleaching, finishing,
printing and dyeing, and
drying ___________________ 9.5 12 14.5 5.5
Sec. 3. Effect on Other Documents.
Rev. Proc. 72-10 is modified and clarified by represcribed descriptions of assets included in asset guideline classes 22.1, "Knitwear and knit products," 22.2, "Textile mill products, except knitwear," and 22.3, "Finishing and dyeing."
Sec. 4. Effective Date.
The description of assets included in asset guideline classes 22.1, "Knitwear and knit products," 22.2, "Textile mill products, except knitwear," and 22.3, "Finishing and dyeing," are effective for the property and the taxable years to which sections 1.167(a)-11 and 1.167(a)-12 of the regulations respectively apply.
1 Also released as Technical Information Release 1253, September 4, 1973.
- 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.)
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
