[Code of Federal Regulations]
[Title 26, Volume 2]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.168(b)-1T]

[Page 1035-1036]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.168(b)-1T  Definitions (temporary).

    (a) Definitions. For purposes of section 168 and the regulations 
under section 168, the following definitions apply:
    (1) Depreciable property is property that is of a character subject 
to the allowance for depreciation as determined under section 167 and 
the regulations under section 167.
    (2) MACRS property is tangible, depreciable property that is placed 
in service after December 31, 1986 (or after July 31, 1986, if the 
taxpayer made an election under section 203(a)(1)(B) of the Tax Reform 
Act of 1986; 100 Stat.

[[Page 1036]]

2143) and subject to section 168, except for property excluded from the 
application of section 168 as a result of section 168(f) or as a result 
of a transitional rule.
    (3) Unadjusted depreciable basis is the basis of property for 
purposes of section 1011 without regard to any adjustments described in 
section 1016(a)(2) and (3). This basis reflects the reduction in basis 
for the percentage of the taxpayer's use of property for the taxable 
year other than in the taxpayer's trade or business (or for the 
production of income), for any portion of the basis the taxpayer 
properly elects to treat as an expense under section 179, and for any 
adjustments to basis provided by other provisions of the Internal 
Revenue Code and the regulations under the Code (other than section 
1016(a)(2) and (3)) (for example, a reduction in basis by the amount of 
the disabled access credit pursuant to section 44(d)(7)). For property 
subject to a lease, see section 167(c)(2).
    (4) Adjusted depreciable basis is the unadjusted depreciable basis 
of the property, as defined in Sec. 1.168(b)-1T(a)(3), less the 
adjustments described in section 1016(a)(2) and (3).
    (b) Effective date. (1) This section is applicable on February 27, 
2004.
    (2) The applicability of this section expires on or before February 
27, 2007.

[T.D. 9115, 69 FR 9533, Mar. 1, 2004]