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What You Need to Know About the Final Repair Regulations: A Case Study Approach (RREG)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    4
  • Qualifies for

    IRS CPE

Overview

Each tax practitioner has confronted the expense or capitalize question numerous times when advising clients and preparing tax returns. In 2013, the IRS issued final repair regulations that each tax practitioner must be conversant with. As the IRS has stated in their preamble, the regulations will affect all taxpayers owning property depreciable under the MARCS system. This program, using a case study approach built on examples, will cover what you need to know about these regulations.

Major Topics:

  • Deducting and/or capitalizing materials and supplies
  • Tax treatment of  rotable, temporary, and emergency spare parts
  • Safe harbor expenditures for small taxpayers owning qualified real property
  • De minimis expensing rules for taxpayers with and without applicable financial statements
  • Repairs: What they are and when they can be expensed rather than capitalized
  • Capitalizing and expensing expenditures associated with owning real estate
  • How to make elections under these regulations
  • Dispositions of structural components of real property
  • Practical examples taken from the regulations and modified for clarity and intelligibility

Learning Objectives

  • Understand how the final regulations apply to the expense/capitalize question
  • Help business clients determine whether to capitalize or expense tangible property which they have acquired or produced
  • How to make elections authorized under the regulations

Who should take this course:

Designed for:

Tax practitioners advising clients as to whether client expenditures relating to the acquisition or production of tangible property must be capitalized or may be expensed

Prerequisite:

An understanding of the tax rules relating to individual income tax

Advanced Preparation:

None

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