The IRS and Treasury have issued long-awaited final regulations on when costs incurred to acquire, produce or improve tangible property must be capitalized or may be deducted. Along with the final regulations, the IRS and Treasury have reproposed regulations regarding dispositions of depreciable property and general asset accounting rules. These regulations significantly change the previously issued temporary and proposed regulations.
The regulations must be applied for taxable years beginning on or after Jan. 1, 2014. Taxpayers may apply the final and reproposed regulations, the temporary regulations or a combination thereof for their 2012 or 2013 taxable year.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.
