The IRS released Rev. Proc. 2014-17, providing rules under which taxpayers may make accounting method changes related to dispositions of tangible depreciable property.
Rev. Proc. 2014-16, released on January 24, 2014, provides the change in method of accounting procedures for taxpayers to comply with the final tangible property regs.
The IRS today released Rev. Proc. 2014-16, which provides rules pursuant to which taxpayers may make accounting method changes related to the tangible property ‘repair’ regulations. This revenue procedure supersedes Rev. Proc. 2012-19, which was issued over a year ago in connection with the temporary repair regulations and modifies certain sections of Rev. Proc. 2011-14. Rev. Proc. 2014-16 is designed to help taxpayers further analyze their current methods of accounting and implement any necessary changes.
This is the third WNTS Insight in a three-part series discussing in depth the recently issued final repair regulations regarding the deduction and capitalization of expenditures related to tangible property (final repair regulations) and the accompanying proposed regulations regarding dispositions (2013 proposed regulations).
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