OrbitaxU.S. IRS Provides Guidance on Exemption Elections for Business Interest Limitation and Bonus Depreciation
|Approved Changes|United States
The U.S. IRS has issued Revenue Procedure 2026-17, which provides guidance on the withdrawal of elections to be excepted trades or businesses under § 163(j)(7) for purposes of the business interest limitation and to make a late election under § 168(k)(7) to be exempt from bonus depreciation. The Revenue Procedure is effective 18 March 2026.
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Revenue Procedure 2026-17: provides guidance on the withdrawal of elections to be excepted trades or businesses under § 163(j)(7)