CURRENT PRACTICE ISSUE
Tangible property (repair) regulations amended
The IRS released technical amendments on December 17, changing
the applicability date of the tangible property repair regulations
from January 1, 2012 to January 1, 2014. The December 11, 2012
On the Horizon noted the IRS's intention to make
these amendments. Taxpayers are permitted to apply the temporary
regulations for taxable years beginning on or after January 1,
2012. For additional information, see
Tax Flashes and Legislative Updates.
FASB MEETING HELD DECEMBER 12
All decisions reached at Board meetings are tentative and
may be changed at future meetings. Decisions are included in an
Exposure Draft only after a formal written ballot. Decisions
reflected in Exposure Drafts are often changed in redeliberations
by the Board based on information received in comment letters, at
public roundtable discussions, and from other sources.
Board decisions become final after a formal written
