SECTION 5. SECTION 179 ELECTION

FOR QUALIFIED RENEWAL PROPERTY PLACED IN SERVICE BY A TAXPAYER IN THE EXPANDED AREA IN 2002, 2003, 2004, OR 2005

An item of section 179 property (as defined in § 179(d)(1)) that is also qualified renewal property and is placed in service in the expanded area of a renewal community is eligible for the increased § 179 expensing provided by § 1400J. If this property is placed in service by a taxpayer in 2002, 2003, 2004, or 2005, and the taxpayer wants to make an election under § 179 to use the increased § 179 expensing, the taxpayer makes the election under § 179 (or, if necessary, revokes an election previously made under § 179) by filing an amended federal tax return(s) for the placed-in-service year and any affected subsequent taxable year, provided that the placed-in-service year and any affected subsequent taxable year(s) are open under the period of limitations for assessment under § 6501(a). This election (or the revocation of the election) must be made in the manner described in § 1.179–5(c)(2) (or in § 1.179–5(c)(3) in the case of a revocation of a previously made § 179 election).