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Special Depreciation Allowance - Can I use this if my return is late?

Hey fellow candle-burners,

I've read about 3 reams of paper on this topic: Special Depreciation Allowance. All of that reading and I don't know if I'm able to take the additional bonus depreciation.

I'm filing my 2003 tax return - first filing, not an amended or corrected return. I can't find a statement that tells if a person can use this special depreciation allowance if they are filing late.

Probably a real easy question for lots of you. I'd sure appreciate a reply from one or two of you tax gurus.

Thanks in advance.

Cathy

Moderator: This was crossposted (a rare exception) due to this being Tax Day. Responses will not be crossposted. ALSO 2003 closed yesterday - no refunds will be issued on original returns.

And remember that precedent means NOTHIHG to me.

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Reply to
Ckbeme
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Actually, I'm fairly certain that 2003 closes tomorrow (April 17th). Also, without looking anything up I seem to recall that the 30%/50% bonus depreciation deductions could only be taken on timely filed returns but I'm not as sure about that.

Reply to
Bill Brown

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