Tangible Asset Repair Regulations

New final IRS regulations issued September 13, 2013, impact any taxpayer who incurs costs to acquire, maintain, or improve tangible property. The regulations provide direction on whether and when the costs incurred must be capitalized versus treated as an expense. At the same time, the IRS issued proposed regulations regarding general asset accounts, and partial dispositions of tangible property which provide taxpayers the opportunity to receive additional current year write-offs when incurring costs to remove part of an asset, such as one or more parts of a building's components in connection with a renovation.

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