Objective
- Understand and apply the final repair regulations to clients
Highlights
- Materials and supplies
- What is a Unit of Property?
- Rotable, temporary, and standby emergency spare parts
- Dispositions of property and their tax consequences
- Demolition of a structure
- Mandatory and elective partial dispositions
- De Minimis Safe Harbor
- Safe Harbor for small taxpayers
- Routine maintenance safe harbor
- Improvement Tests: Betterments, Restorations, and Adaptations to a new and different use
- Relationship of the repair regulations to the new depreciation rules
Designed For
Tax practitioners advising clients as to whether expenditures relating to the acquisition and maintenance of tangible property must be capitalized or may be expensedPrerequisite
An understanding of the tax rules relating to individual income taxAdvanced Preparation
None