General Asset Accounts: Considerations in preparing 2012 returns
Washington National Tax Services
The temporary tangible property regulations (repairs regulations) released in December 2011 provide increased flexibility for general asset account (GAA) treatment of property subject to section 168. While the repairs regulations are not applicable until 2014, and final regulations may be issued this summer, taxpayers may "early adopt" the repairs regulations. Companies now should consider what actions to take in filing their 2012 tax returns.