Guidance on accounting for assets: What companies need to know about single, multiple, and general asset accounts

Washington National Tax Services

The release in December 2011 of the temporary tangible property regulations (the temporary repairs regulations) has focused attention on the federal income tax accounting treatment of depreciable property. Although the effective date of those regulations has been delayed until 2014 (see discussion below of Notice 2012-73), taxpayers may "early adopt" the regulations in years prior to 2014, and should consider early adoption if beneficial. In particular, due to increased flexibility afforded by the regulations, companies now should consider whether to elect general asset account (GAA) treatment for their historic depreciable property.

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