Revenue Procedure 2021-28 explains how a taxpayer changes its method of computing depreciation to comply with the 2020 change in law to retroactively provide a 30-year recovery period under the alternative depreciation system in § 168(g) for certain residential rental property placed in service before 2018 and held by an electing real property trade or business.

Revenue Procedure 2021-29 allows an eligible partnership to file an amended Form 1065, U.S. Return of Partnership Income, and furnish a corresponding Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., to each of its partners as an alternative option to filing an administrative adjustment request (AAR).

Revenue Procedure 2021-28 and 2021-29 will appear in IRB 2021-27, dated July 6, 2021.