IRS releases long-awaited tangible property repair regulations

December 2011


The IRS today released long-awaited regulations on repairs of tangible property. The regulations were issued in temporary (255 pages) and proposed (15 pages) form.

Although the IRS did not release two related revenue procedures that are expected to provide the procedures necessary for taxpayers to change their methods of accounting to conform to the temporary regulations, we expect the revenue procedures to be issued in the coming weeks.

The temporary regulations are generally effective for tax years beginning on or after January 1, 2012, or, where applicable, to amounts paid or incurred to produce or acquire property after January 1, 2012.

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