General Articles

Last set of IRS Repair Regulations Issued

By March 10, 2015 No Comments

The IRS issued final regulations with rules on how to:

  1. Determine gain or loss when property is 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, pleased view this referenced article from the Tax Advisor, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com