8/6/2021
Revenue Procedure 2021-31: 2021 Automobile Inflation
This revenue procedure provides:
(1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2021
(2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2021.
Revenue Procedure 2021-31 is in IRB 2021-34, Aug. 23, 2021.