New Revenue Procedures Provide Clarification on Repair Regulations

 

When the Government issued temporary and proposed “repair” regulations in December 2011, they said that implementation procedures would be forthcoming.  On March 7, 2012, the Government issued Revenue Procedure 2012-19, providing automatic consent procedures regarding the deduction and capitalization of expenditures made to acquire, produce, or improve tangible personal property.  At the same time, they also released Revenue Procedure 2012-20, addressing depreciation, disposition, and related method changes for tax years beginning on or after January 1, 2012…

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