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Rev. Proc. 77-14

Rev. Proc. 77-14; 1977-1 C.B. 571

DATED
DOCUMENT ATTRIBUTES
  • Cross-Reference

    26 CFR 601.105: Examination of returns and claims for refund, credit

    or abatement; determination of correct tax liability.

    (Also Part I, Section 167; 1.167(a)-11.)

  • Code Sections
  • Language
    English
  • Tax Analysts Electronic Citation
    not available
Citations: Rev. Proc. 77-14; 1977-1 C.B. 571

Superseded by Rev. Proc. 83-35

Rev. Proc. 77-14 1

Section 1. Purpose.

The purpose of this Revenue Procedure is to prescribe under section 1.167(a)-11 of the Income Tax Regulations a new asset guideline class, asset depreciation period and range, and annual repair allowance percentage, designated class 49.223 Substitute Natural Gas--Coal Gasification.

Sec. 2. Asset Guideline Classes, Periods, Asset Depreciation Ranges, and Annual Repair Allowance Percentages for the Gas Industry Activities Enumerated Below.

The asset guideline classes and asset guideline depreciation periods, ranges, and annual repair allowance percentages for the following gas industry activities are established as set forth below.

Sec. 3. Effect on Other Documents.

Rev. Proc. 77-10, page 548, this Bulletin, is modified by adding the guideline class set forth in section 2 above.

Sec. 4. Effective Date.

The asset guideline class, period, asset depreciation range, and annual repair allowance percentage for gas industry activities set forth in this Revenue Procedure are effective for property placed in service in taxable years beginning after December 31, 1976.

 --------------------------------------------------------------------

 

                                      Asset depreciation

 

                                      range (in years)     Annual

 

                                     --------------------  asset

 

 Asset                                      Asset          guideline

 

 guide-                                     guide-         repair

 

 line         Description of         Lower   line   Upper  allowance

 

 class        assets included        limit  period  limit  percentage

 

 --------------------------------------------------------------------

 

 

 49.223   Substitute Natural

 

          Gas-Coal Gasification:

 

 

          Includes assets used in

 

          the manufacture and pro-

 

          duction of pipeline quali-

 

          ty gas from coal using the

 

          basic Lurgi process with

 

          advanced methanation.

 

          Includes all process plant

 

          equipment and structures

 

          used in this coal gasifi-

 

          cation process and all

 

          utility assets such as

 

          cooling systems, water

 

          supply and treatment faci-

 

          lities and assets used in

 

          the production and distri-

 

          bution of electricity and

 

          steam for use by the

 

          taxpayer in a gasification

 

          plant and attendant coal

 

          mining site processes but

 

          not for assets used in the

 

          production and distri-

 

          bution of electricity and

 

          steam for sale to others.

 

          Also includes all other

 

          related land improvements.

 

          Does not include assets

 

          used in the direct mining

 

          and treatment of coal

 

          prior to the gasification

 

          process itself ___________  14.5   18      21.5     15.0

 

 

1 Also released as News Release IR-1803, dated April 27, 1977.
DOCUMENT ATTRIBUTES
  • Cross-Reference

    26 CFR 601.105: Examination of returns and claims for refund, credit

    or abatement; determination of correct tax liability.

    (Also Part I, Section 167; 1.167(a)-11.)

  • Code Sections
  • Language
    English
  • Tax Analysts Electronic Citation
    not available
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