IRS formally delays effective date of the temporary repairs regulations

The IRS on December 14 published regulations amending the temporary regulations regarding the deduction and capitalization of expenditures related to tangible property (the temporary repairs regulations) to delay the effective date of the regulations (the Amendment) as announced in Notice 2012-73 (the Notice). The temporary repairs regulations now will be effective for tax years beginning on or after January 1, 2014. In addition, as stated in the Notice, taxpayers have the option of adopting the temporary repairs regulations for any tax years beginning on or after January 1, 2012.