As featured in AICPA Tax Adviser – February 4, 2021 In November 2020, the IRS issued final regulations defining real property for Sec. 1031 like-kind exchanges (T.D. 9935). The new regulations were needed because the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, amended Sec. 1031 so personal property is no longer eligible for a … Read More
The IRS recently released Revenue Procedure 2014-16, providing the procedural rules taxpayers follow to make “automatic” accounting method changes under the Final Repair Regulations. This revenue procedure modifies Rev. Proc. 2011-14 and supersedes Rev. Proc. 2012-19 regarding certain changes for amounts paid to acquire, produce, or improve tangible property.IRS PROCEDURE 2014-16 The automatic accounting method … Read More
Summary of the Repair Regulations and Tangible Property Regulations by Gian Pazzia ASCSP, Shareholder of KBKG, President of ASCSP.Summary of major changesGeneral Asset Account Election issue addressed – do not have to elect GAA treatment to forgo loss upon retirement of structural component.De minimis Rule Change – eliminated the ceiling! Amounts less than $5,000 per … Read More