The Internal Revenue Service has offered guidance on the new 100 percent bonus depreciation in last year’s tax extension and small business legislation.

Revenue Procedure 2011-26 explains the eligibility requirements for qualified property to be eligible for the 100 percent additional first-year depreciation deduction. The earlier bonus depreciation deduction had been 50 percent. Also, Revenue Procedure 2011-26 provides the method for a taxpayer who already timely filed the 2009 tax return to amend it to include qualified property.

Revenue Procedure will be published in IRB 2011-16, dated April 18, 2011.

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