IRS issues safe harbor ‘repairs’ guidance for electric generation

May 2013


The IRS recently issued Rev. Proc. 2013-24, which provides safe harbor definitions of units of property and major components that taxpayers may use in determining whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under Section 263(a).  In addition, Rev. Proc. 2013-24 provides guidance on obtaining automatic consent to change to a method of accounting that uses all, or some, of the unit of property definitions.

Return to Tax research and insights 
Washington National Tax Services newsletter archive

Contact us

Pam Olson
US Deputy Tax Leader & Washington National Tax Services Leader
Tel: +1 (202) 414 1401

Follow us