May's California CPA, Page 33, discussed the new 30-percent additional first year depreciation deduction for qualified property generally acquired after Sept. 10, 2001 and before Sept. 11, 2004 and pointed out that "A taxpayer can elect out of this new deduction for any class of property for any tax year."
The 2001 IRS Form 4562 Instructions (Revised March 2002) direct an electing taxpayer to:
"Attach a statement to your return indicating the class of property for which you ...