TAG

tax payers

Brian McFarrenBrian McFarren · General Articles

Last set of IRS Repair Regulations Issued

The IRS issued final regulations with rules on how to:

  1. Determine gain or loss when property subject to depreciation is disposed.
  2. Determine the asset disposed.
  3. Account for partial dispositions of depreciated property.

General topics of these regulations are:

  1. Dispositions of MACRS property.
  2. Partial dispositions.
  3. Determining gain or loss.
  4. General asset accounts.

The regulations apply to tax years beginning on or after January 1, 2014; but, taxpayers can apply them to tax years beginning on or after January 1, 2012.

For more information, please view this referenced article from the Tax Advisor, or contact Brian McFarren at (231) 726-5815.