SECTION 3. ELIGIBLE QUALIFIED

PROPERTY

.01 In General . With the exception of revised dates, eligible qualified property for purposes of § 168(k)(4) is qualified property under § 168(k)(2). Consequently, the property must be placed in service by the taxpayer before January 1, 2009. See § 168(k)(4)(D)(i) and (k)(2)(A)(iv). The placed-in-service-date deadline is extended to before January 1, 2010, for property that meets the requirements of § 168(k)(2)(B) (long production period property) and property that meets the requirements of § 168(k)(2)(C) (certain aircraft). See § 168(k)(4)(D)(i) and (k)(2)(A)(iv). Pursuant to section 5.01 of Rev. Proc. 2008–54, 2008–38 I.R.B. 722, 723, rules similar to the rules in § 1.168(k)–1 of the Income Tax Regulations for “qualified property” or for “30-percent additional first year depreciation deduction” apply for determining whether depreciable property is qualified property under § 168(k)(2).

.02 Application of Revised Dates . In applying § 168(k)(2) to determine whether depreciable property is eligible qualified property for purposes of § 168(k)(4), § 168(k)(4)(D)(i) provides that “March 31, 2008” is substituted for “December 31, 2007” each place it appears in § 168(k)(2)(A) and § 168(k)(2)(E)(i) and (ii). Accordingly, the affected requirements of § 168(k)(2) are modified as follows for determining whether depreciable property that is qualified property under § 168(k)(2) also is eligible qualified property for purposes of § 168(k)(4):

(1) Original use of the property commences with the taxpayer after March 31, 2008. Section 168(k)(4)(D)(i) and (k)(2)(A)(ii);

(2) The property (a) is acquired by the taxpayer after March 31, 2008, and before January 1, 2009, but only if no written binding contract for the acquisition was in effect before January 1, 2008, or (b) is acquired by the taxpayer pursuant to a written binding contract which was entered into after March 31, 2008, and before January 1, 2009. Section 168(k)(4)(D)(i) and (k)(2)(A)(iii). However, see section 3.03 of this revenue procedure for an exception to this rule;

(3) In the case of a taxpayer manufacturing, constructing, or producing property

partners that make the § 168(k)(4) election ( see § 168(k)(4)(G)(ii)).