Revenue procedure 2007-16 allows you to make a change in depreciation after you sell, trade, or abandon property. The new procedures make some prior procedures obsolete and make revisions easier.1

In addition to allowing you to make depreciation changes after the disposition of an asset, this new revenue procedure contains a host of other benefits, including these:

automatic acceptance of the change by the IRS (no advance permission is necessary)

no fee for filing IRS Form 3115

no section 481 adjustments to previously ... Log in to view full article.