| As part of the "Small Business Jobs Act of 2010 Tax Provisions, IRS allows increased expensing limitations for 2010 and 2011 for certain real property treated as Code section 179 property.
Per the IRS, "An expense deduction is allowed for businesses which choose to treat the cost of certain qualified property, called section 179 property, as an expense rather than a capital expenditure. For qualifying property placed in service during the taxable years 2010 and 2011, the new law increases both the maximum amount of the deductible expense under IRC Section 179, as well as the statutory phase-out amount. The provision also allows an election by a taxpayer to exclude qualified real property from the definition of IRC Section 179 property.
If this election is chosen, it is made in Part 1 on Form 4562, Depreciation and Amortization, and must be attached to the taxpayer’s original tax return. The instructions for Form 4562 contain information on how to complete Part I, Election To Expense Certain Property Under Section 179."
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