Common Contracts

Internal Revenue Service, Treasury § 1.167(e)–1

January 30th, 2020

• Filed
  January 30th, 2020

shall set forth its effective date, the es- timated remaining useful life, the esti- mated salvage value, and rate and method of depreciation of the property and the facts and circumstances taken into consideration in adoption of the agreement, and shall relate only to de- preciation allowances for such property on and after the effective date of the agreement. Such an agreement shall be binding on both parties until such time as facts and circumstances which were not taken into account in making the agreement are shown to exist. The party wishing to modify or change the agreement shall have the responsi- bility of establishing the existence of such facts and circumstances. Any change in the useful life or rate speci- fied in such agreement shall be effec- tive only prospectively, that is, it shall be effective beginning with the taxable year in which notice of the intention to change, including facts and cir- cumstances warranting the adjustment of useful life and rate, is sent by the

Contract

November 6th, 2014

• Filed
  November 6th, 2014