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IRS Regulations on Deduction and Capitalization of Tangible Assets

Posted on October 3, 2013 by John R. Dundon II, EA — No Comments ↓

The IRS has issued final regulations affecting all taxpayers that acquire, produce, or improve tangible property. The final regulations define materials, supplies, de minimus, safe harbor and related repairs as well as the election to capitalize certain materials and supplies among…

Tagged with: Betterments, Capital Asset Expense, Capitalization of Tangible Assets, Determining Unit of Property, Election to Capitalize, Leasehold improvements', Major Component, Materials and Supplies, Optional Regulatory Accounting Method, Repairs, Restoration, Safe harbor for small taxpayers, Salvage Value, Substantial Structural Part
Posted in Asset Classification, Cost Basis, Deductible Expense, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests