Tangible Asset Repair Regulations

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Significant tax savings under the final tangible asset repair regulations

Final IRS regulations issued September 13, 2013, impact any taxpayer who incurs costs to acquire, maintain, or improve tangible property. The regulations provide direction on whether and when the costs incurred must be capitalized versus treated as an expense. At the same time, the IRS issued proposed regulations regarding general asset accounts, and partial dispositions of tangible property which provide taxpayers the opportunity to receive additional current year write-offs when incurring costs to remove part of an asset, such as one or more parts of a building's components in connection with a renovation.

More information:

• How do the final regulations affect taxpayers?
• Who benefits from the regulations?
• What are the areas of benefit?
• What are the next steps for taxpayers?

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Practice Leader

• Bruce Stubbs, JD, LLM
  Bruce Stubbs is a nationally recognized presenter and masters-level tax attorney with 20 years’ focus on research and development tax credits, cost segregation studies and tangible asset repair regulations (“repair regs”) related to capitalization versus expensing.