In a major departure from its previous rules, the IRS has issued new Tangible Property Regulations (TPRs), which explain when you can deduct amounts paid to acquire, produce, or improve tangible and real property and when those amounts must be capitalized. The TPRs also provide for the tax consequences of disposing of tangible and real depreciable property. The tax implications of these new regulations are potentially very significant. Please pay particular attention to the information provided in the links below and contact us if you have any questions.

Tangible Property Regulations – Frequently Asked Questions

Summary of Tangible Property Regulations