The newly issued repair regulations seem to be all the buzz…  After much anticipation, new tangible property regulations were released, replacing both the proposed regulations (issued March of 2008) and the long-standing current regulations.  These new temporary regulations, effective for taxable years beginning on or after January 1, 2012, update the prior rules and serve to codify a previously unclear area of tax law.

31 May 2012Thomson Reuters

It is noteworthy that the new temporary regulations include rules that are significantly different from both the current regulationsand the proposed regulations.  (more…)