Final Regs on the Capitalization of Tangible Property
December 17, 2013
The Internal Revenue Code generally requires the capitalization of amounts paid to acquire, produce, or improve tangible property. On the other hand, taxpayers are allowed to deduct ordinary and necessary business expenses, including the costs of certain supplies, repairs, and maintenance. It is not always easy to distinguish between an asset that must be capitalized and depreciated over a number...
Tags: Capitalization of Property