SECTION 5. BONUS DEPRECIATION

AMOUNT

1. In General . Except as limited by section 5.03, the bonus depreciation amount for any taxable year is equal to 20 percent of the excess (if any) of —

(1) the aggregate amount of depreciation that would be allowable under § 168 for eligible qualified property placed in service by the taxpayer during the taxable year if the Stimulus additional first year depreciation deduction applied to all such property, over

(2) the aggregate amount of depreciation that would be allowable under § 168 for eligible qualified property placed in service by the taxpayer during the taxable year if the Stimulus additional first year depreciation deduction did not apply to any such property. Section 168(k)(4)(C)(i)(I) and (II). .02 Special Rules for Determining Bonus Depreciation Amount . For purposes of sections 5.01(1) and (2) of this revenue procedure, the following rules apply:

(1) The aggregate amounts of depreciation computed under sections 5.01(1) and (2) of this revenue procedure are made without regard to any election made under § 168(b)(2)(C) (relating to the 150 percent declining balance method), § 168(b)(3)(D) (relating to the straight line method election), § 168(g)(7) (relating to the alternative depreciation system election), and the requirement under section 4.03 of this revenue procedure that eligible qualified property must be depreciated using the straight line method if the taxpayer makes the election to apply § 168(k)(4). Section 168(k)(4)(C)(i). (2) If a corporation makes the election to apply § 168(k)(4) and is a partner in a

for the taxpayer’s own use, the requirements of section 3.02(2) of this revenue procedure are treated as met if the taxpayer begins manufacturing, constructing, or producing the property after March 31, 2008, and before January 1, 2009. Section 168(k)(4)(D)(i) and (k)(2)(E)(i); and (4) If new property is originally placed in service by a person after March 31, 2008, and is sold to a taxpayer and leased back to the person by the taxpayer within three months after the date the property was originally placed in service by the person, the taxpayer-lessor is considered the original user of the property under section 3.02(1) of this revenue procedure and, for purposes of the placed-in-service date requirement in § 168(k)(2)(A)(iv), the property is treated as originally placed in service by the taxpayer-lessor not earlier than the date on which the property is used by the lessee under the leaseback. Section 168(k)(4)(D)(i) and (k)(2)(E)(ii); see also § 1.168(k)–1(b)(3)(iii)(A) and (b)(5)(ii)(A).

.03 Passenger Aircraft . For passenger aircraft, the binding contract requirement in § 168(k)(2)(A)(iii)(I) does not apply for determining whether the passenger aircraft is eligible qualified property. Section 168(k)(4)(G)(iii). Accordingly, a passenger aircraft is eligible qualified property if the aircraft is acquired by the taxpayer (1) after March 31, 2008, and before January 1, 2009, or (2) pursuant to a written binding contract entered into after March 31, 2008, and before January 1, 2009 (assuming all other requirements for qualified property under § 168(k)(2) are met).