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IRS Amends Form Instructions for AMT Depreciation Changes

By Alistair M. Nevius, J.D.

Please note: This item is from our archives and was published in 2017. It is provided for historical reference. The content may be out of date and links may no longer function.

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As tax season gets underway, various form instructions have been amended to reflect changes to depreciation made by the Protecting Americans From Tax Hikes (PATH) Act of 2015, enacted as part of the Consolidated Appropriations Act, 2016, P.L. 114-113. The IRS posted the revised instructions to its website on Tuesday.

The PATH Act amended Sec. 168(k) to allow taxpayers to elect not to claim bonus depreciation without having the property subject to an alternative minimum tax (AMT) depreciation adjustment (for property placed in service after 2015).

The 2016 form instructions for Form 6251, Alternative Minimum Tax—Individuals, Form 4626, Alternative Minimum Tax—Corporations, and Schedule I, “Alternative Minimum Tax—Estates and Trusts,” of Form 1041, U.S. Income Tax Return for Estates and Trusts, were originally published without having been amended to reflect this change in the law. Those instructions have now been reposted to the IRS website with amendments.

—Alistair Nevius (Alistair.Nevius@aicpa-cima.com) is The Tax Adviser’s editor-in-chief, tax.