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Is anyone familiar with ethanol conversion assets (e.g., conversion of corn to fuel grade ethanol) and their depreciable tax treatment?

Depreciation Federal Tax Compliance Tangible Property
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Peter Scalise, SAX LLP

Yes, and it should be duly noted that the IRS recently concluded on Wednesday, May 21st, as outlined under Rev. Rul. 2014-17, that the proper asset class for the depreciation of a tangible asset used in the conversion of corn to fuel grade ethanol is asset class 49.5 - consult www.irs.gov/pub/irs-drop/rr-14-17.pdf">www.irs.gov/pub/irs-drop/rr-14-17.pdf

 

Please contact me directly should you need further clarification or if you would like for me to scope your client's actual facts and circumstances to better determine the actual tax treatment.

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John Dundon, II EA
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