We provide here a written summary of answers provided by the Department of Revenue to the committee at periodic question and answer sessions. These documents are classified as Revenue information issued for informational purposes only for the convenience of PICPA members. Pursuant to 61 Pa. Code Section 3.4, these documents should not be relied upon for any purpose or used in tax appeals. Taxpayers requiring a binding opinion on a specific fact situation may request a written letter ruling under 61 Pa. Code Section 3.3.
Q&A with the Pennsylvania Department of Revenue
If a corporation having unrecovered bonus depreciation for CNIT purposes merges or liquidates into a bank subject to Bank Shares Tax, what happens to the corporation’s remaining unrecovered bonus balance?
The recovery of the unresolved Bonus Deprecation is found in Article IV while the entity in question is now subject to the tax imposed under Article VII. There is no authority in Article VII to recover this bonus depreciation.