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Exhibits 1 and 2 in the article "1996 Tax Law Changes" in the December issue of The CPA Jounal presented in chart form the amounts of IRC section 179 depreciation deductions and the percentage deduction for health insurance for individuals as enacted by the 1996 tax legislation. The amounts in the charts were incorrect, representing those from earlier versions of the legislation. The correct amounts are as follows:

Section 179 Depreciation. The legislation increases the allowable IRC section 179 depreciation deduction to the following amounts:

Allowable Taxable Year Amounts

1996 $17,500

1997 18,000

1998 18,500

1999 19,000

2000 20,000

2001 24,000

2002 24,000

2003 or thereafter 25,000

Deductions for Health Insurance Expenses of Self-Employed Individuals. The new legislation will increase the deduction based on the following schedule:

Tax Year Percentage

1997 40%

1998 through 2002 45

2003 50

2004 60

2005 70

2006 and thereafter 80


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