SECTION 3. SCOPE

This revenue procedure applies to a taxpayer that chooses to:

.01 Apply both § 1.168(k)-2 and, to the extent relevant, § 1.1502-68, of the Final Regulations, in their entirety and in a consistent manner, to:

(1) All depreciable property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer after September 27, 2017, and during the taxpayer’s taxable year: (a) beginning in 2016 or 2017 (2017 taxable year); (b) beginning in 2018 (2018 taxable year); (c) beginning in 2019 (2019 taxable year); or (d) beginning in 2020, and ending before the taxpayer’s first taxable year that begins on or after January 1, 2021 (2020 taxable year);

(2) All specified plants for which the taxpayer properly made or makes a § 168(k)(5) election and that are planted, or grafted to a plant that was previously planted, after September 27, 2017, by the taxpayer during the taxpayer’s 2017 tax

able year, 2018 taxable year, 2019 taxable year, or 2020 taxable year; and

(3) Components acquired or self-constructed by the taxpayer after September 27, 2017, of larger self-constructed property described in § 1.168(k)-2(c)(2) of the 2020 final regulations and placed in service by the taxpayer during the taxpayer’s 2017 taxable year, 2018 taxable year, 2019 taxable year, or 2020 taxable year; .02 Apply § 1.168(k)-2 of the 2019 final regulations, in its entirety, to:

(1) All depreciable property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer after September 27, 2017, and during the taxpayer’s 2017 taxable year, 2018 taxable year, 2019 taxable year, or 2020 taxable year; and

(2) All specified plants for which the taxpayer properly made or makes a § 168(k)(5) election and that are planted, or grafted to a plant that was previously planted, after September 27, 2017, by the taxpayer during the taxpayer’s 2017 taxable year, 2018 taxable year, 2019 taxable year, or 2020 taxable year; or

.03 Apply both § 1.168(k)-2 of the 2019 final regulations and the 2019 proposed regulations, in their entirety, except for § 1.168(k)-2(b)(3)(iii)(B)( 5 ) in the 2019 proposed regulations, and in a consistent manner, to:

(1) All depreciable property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer after September 27, 2017, and during the taxpayer’s 2017 taxable year, 2018 taxable year, 2019 taxable year, or 2020 taxable year;

(2) All specified plants for which the taxpayer properly made or makes a § 168(k)(5) election and that are planted, or grafted to a plant that was previously planted, after September 27, 2017, by the taxpayer during the taxpayer’s 2017 taxable year, 2018 taxable year, 2019 taxable year, or 2020 taxable year; and

(3) Components acquired or self-constructed by the taxpayer after September 27, 2017, of larger self-constructed property for which manufacture, construction, or production begins before September 28, 2017, and that is qualified property under § 168(k)(2) as in effect before the enactment of the TCJA and placed in service by the taxpayer after September 27,

Bulletin No. 2020–48 1127 November 23, 2020

2017, and during the taxpayer’s 2017 taxable year, 2018 taxable year, 2019 taxable year, or 2020 taxable year.