Finaltangiblepropertyrepair.PDFVIP

WNTS Insight Final tangible property repair regulations: Effective dates, materials and supplies, de minimis rule, and rotable spare parts September 18, 2013 In brief This WNTS Insight is the first in a three-part series that will discuss in depth the recently issued final regulations regarding the deduction and capitalization of expenditures related to tangible property, as well as the re-proposed regulations regarding the disposition of assets. This Insight focuses on rules related to effective dates, materials and supplies, a de minimis safe harbor rule, and rotable spare parts. The second WNTS Insight in this series will discuss rules related to the unit of property and the acquisition or improvement of property. The third WNTS Insight will address additional topics not previously discussed, including the recovery of capital improvements subject to lease, removal costs, and the proposed regulations regarding the disposition of tangible depreciable property. In detail 2011 (the 2011 temporary Effective dates and changes regulations). Background in methods of accounting The IRS and Treasury The final repair regulations Effective dates of the final Department on September 13, retain many of the provisions repair regulations 2013, released final regulations from the 2011 temporary under Sections 162(a) and The entirety of the final repair regulations. However, the final 263(a) on the deduction and regulations apply to tax years repair regulations refine and capitalization of expenditures beginning on or after January 1,