CCH Federal Tax Perspectives: 2014 Update To Final Repair/Capitalization/MACRS Regulations

CCH Federal Tax Perspectives: 2014 Update To Final Repair/Capitalization/MACRS Regulations Receive a comprehensive update on those requirements and opportunities that have evolved from the final regulations on repairs, capitalization and the modified cost recovery system (MACRS). Analysis, comments, cautions, examples and planning notes from Wolters Kluwers industry-leading editorial experts cover, among other areas: - A revised and simplified de minimis safe harbor under Reg. 1.263(a)-1(f); - Deduction rules for materials and supplies; - Unit of property definitions; - The extension of the safe harbor for routine maintenance to buildings; - A new annual election for smaller taxpayers to deduct some improvement costs for buildings; - A new annual election to follow book capitalization policies - Refined criteria for defining capitalized betterments and restorations to tangible property; and - A new MACRS partial disposition election, which may be retroactively elected, allowing a loss deduction on retirements of structural components and components of section 1245 property MACRS GAA revocation rules - Accounting method changes under the repair regulations (Rev. Proc. 2014-16) and under the MACRS regulations (Rev. Proc. 2014-54) - Knowing what rules under the final regulations require IRS Form 3115, Application for Change in Accounting Method, to be filed and knowing the deadlines associated with those requirements are practical considerations addressed throughout this book.