The IRS has unveiled new depreciation deduction limitations for passenger automobiles (including trucks and vans) first placed in service during 2014, as well as the amount to be included in income by lessees of passenger automobiles that were first leased during calendar year 2014.

These limitations and income inclusion amounts, updated annually to reflect automobile price inflation adjustments required by § 280F(d)(7) of the IR Code, are in Revenue Procedure 2014-21.

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