Depreciation Correction

[taxedtothemax]

I Have A Client Who Realized An Asset That They Disposed Of In 2010 Had Never Been Set Up By The Previous Firm. I Want To Amend Back To 2007. This Doesn't Need Form 3115 Irs Consent Before Amending Does It?
Also Would Like Confirmation That This Would Not Need To Be Accounted For As A Section 481 Adjustment. I Appreciate Any Assistance That You Can Provide.

[Gretel]

You might want to check this thread:

http://www.thetaxbook.com/forums/showthread.php?t=17369&highlight=3115

[taxedtothemax]

Form 3115

Thank you. I will review the form and submit as you suggest.

[taxedtothemax]

Depreciation Correction Irs Response

Per A Discussion Today With The Irs, Since The Asset Was Never Set Up And Depreciated, The Annual Depreciation Expense From A Prior Year (within The Three Years Still Open) That Was Never Deducted Can Be Claimed In An Amended Return Per Guidance In Pub. 946. Since The Asset Was Never Set Up, A Method Of Accounting Was Never Adopted And Therefore The Expense Can Be Reported In An Anended Return. The Agent Further Alluded To The Fact That Years Beyond The Three Year Amendment Limitation May Be Able To Be Corrected By Filing Form 3115 But She Was Not Willing To Give A Definitive Yes.

[Lion]

Why?

Why do you capitalize every word? It makes it very hard to read.