Tax Laws for Tangible Property

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Late in 2013, the IRS issued final regulations regarding repair regulations and rules regarding the treatment of expenditures for acquiring, maintaining, or improving tangible property. The IRS issued final regulations on the treatment of disposing tangible property in 2014. This article provides guidance on the capitalization and expenditure rules contained within the regulations.

Questions:
1. What five general areas are addressed by the new tax regulations?
2. How are supplies to be accounted for under the new regulations?
3. What is the De Minimis Safe-Harbor Election?
4. What did you find most interesting about this article?

Source:
Abdoo, K. M. Duffy, and J. Rohrs. (2015). What Taxpayers Need to Know to Comply With the Final Tangible Property Regulations. The Tax Advisor, April 1 (Retrievable online at http://www.aicpa.org/Publications/TaxAdviser/2015/april/Pages/Rohrs_Apr15.aspx)08economy3-articleLarge