[IMGCAP(1)]The IRS issued the final tangible property repair regulations for Sections 162(a) and 263(a) last Friday, modifying and superseding the temporary regulations that were issued on Dec. 23, 2011.
While this is the fourth iteration of the repair regulations the IRS has released, it is the first time they have issued them in final form. In addition to these final regulations, they also released proposed regulations for dispositions of tangible property under Section 168. While a formal six-month period for comments will allow taxpayers to provide feedback, these final and proposed regulations are effective for tax years beginning Jan. 1, 2014.
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