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Internal Revenue Bulletin: 2012-14
Notice of Proposed Rulemaking by Cross-Reference to Temporary Regulations, Notice of Public Hearing, and Withdrawal of Previously Proposed Regulations Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property
7.5 Withdrawal of Proposed Amendments to the Regulations
In this issue of the Bulletin, the IRS is issuing temporary regulations (T.D. 9564) that provide guidance on the application of sections 162(a) and 263(a) of the Internal Revenue Code (Code) to amounts paid to acquire, produce, or improve tangible property. The temporary regulations clarify and expand the standards in the current regulations under sections 162(a) and 263(a), and provide certain bright-line tests (for example, a de minimis rule for certain acquisitions) for applying these standards. The temporary regulations also provide guidance under section 168 regarding the accounting for, and dispositions of, property subject to section 168. The temporary regulations also amend the general asset account regulations. The temporary regulations will affect all taxpayers that acquire, produce, or improve tangible property. The text of the temporary regulations published in the Federal Regulations also serves as the text of these proposed regulations. This document also provides notice of public hearing on these proposed regulations and withdraws the proposed regulations published in the Federal Register on March 10, 2008 (73 FR 47).
Written and/or electronic comments must be received by March 26, 2012. Requests to speak and outlines of topics to be discussed at the public hearing scheduled for May 9, 2012 at 10 a.m., must be received by April 17, 2012.
Send submissions to: CC:PA:LPD:PR (REG-168745-03), room 5203, Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044. Submissions may be hand-delivered Monday through Friday between the hours of 8:00 a.m. and 4:00 p.m. to CC:PA:LPD:PR (REG-168745-03), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, Washington, DC 20224, or sent electronically, via the Federal eRulemaking Portal at www.regulations.gov (IRS REG-168745-03). The public hearing will be held in the IRS Auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW, Washington, DC.
Temporary regulations in this issue of the Bulletin amend the Income Tax Regulations (26 CFR part 1) relating to sections 162, 165, 167, 168, 263(a), 263A, and 1016. The temporary regulations set forth rules relating to amounts paid to acquire, produce, or improve tangible property. The temporary regulations also provide guidance regarding the accounting for, and dispositions of, property subject to section 168. The temporary regulations also amend the general asset account regulations. The text of the temporary regulations also serves as the text of these proposed regulations. The preamble to the temporary regulations explains the temporary regulations and these proposed regulations.
A public hearing has been scheduled for May 9, 2012, beginning at 10 a.m. in the IRS Auditorium, Internal Revenue Building, 1111 Constitution Avenue, NW, Washington, DC. Due to building security procedures, visitors must enter at the Constitution Avenue entrance. In addition, all visitors must present photo identification to enter the building. Because of access restrictions, visitors will not be admitted beyond the immediate entrance area more than 30 minutes before the hearing starts. For information about having your name placed on the building access list to attend the hearing, see the “FOR FURTHER INFORMATION CONTACT” section of this preamble.
The rules of 26 CFR 601.601(a)(3) apply to the hearing. Persons who wish to present oral comments at the hearing must submit electronic or written comments and an outline of the topics to be discussed and the time to be devoted to each topic (signed original and eight (8) copies) by April 17, 2012. A period of 10 minutes will be allotted to each person for making comments. An agenda showing the scheduling of the speakers will be prepared after the deadline for receiving outlines has passed. Copies of the agenda will be available free of charge at the hearing.
The principal authors of these regulations are Merrill D. Feldstein and Kathleen Reed, Office of the Associate Chief Counsel (Income Tax and Accounting). However, other personnel from the IRS and Treasury Department participated in their development.
§1.162-3 Materials and supplies.
[The text of the proposed amendments to §1.162-3 is the same as the text of §1.162-3T(a) through (j) published elsewhere in this issue of the Bulletin].
§1.162-4 Repairs.
[The text of the proposed amendments to §1.162-4 is the same as the text of §1.162-4T(a) through (c) published elsewhere in this issue of the Bulletin].
§1.162-6 [Removed]
§1.162-11 Rentals.
(b) [The text of the proposed amendments to §1.162-11(b) is the same as the text of §1.162-11T(b) published elsewhere in this issue of the Bulleltin].
(c) [The text of the proposed amendments to §1.162-11(c) is the same as the text of §1.162-11T(c) published elsewhere in this issue of the Bulletin].
§1.165-2 Obsolescence of nondepreciable property.
(c) [The text of the proposed amendments to §1.165-2(c) is the same as the text of §1.165-2T(c) published elsewhere in this issue of the Bulleltin].
(d) [The text of the proposed amendments to §1.165-2(d) is the same as the text of §1.165-2T(d) published elsewhere in this issue of the Bulletin].
§1.167(a)-4 Leased property.
[The text of the proposed amendments to §1.167(a)-4 is the same as the text of §1.167(a)-4T(a) through (b)(4) published elsewhere in this issue of the Bulletin].
§1.167(a)-7 Accounting for depreciable property.
(e) [The text of the proposed amendments to §1.167(a)-7(e) is the same as the text of §1.167(a)-7T(e) published elsewhere in this issue of the Bulletin].
(f) [The text of the proposed amendments to §1.167(a)-7(f) is the same as the text of §1.167(a)-7T(f) published elsewhere in this issue of the Bulleltin].
§1.167(a)-8 Retirements.
(g) [The text of the proposed amendments to §1.167(a)-8(g) is the same as the text of §1.167(a)-8T(g) published elsewhere in this issue of the Bulletin].
(h) [The text of the proposed amendments to §1.167(a)-8(h) is the same as the text of §1.167(a)-8T(h) published elsewhere in this issue of the Bulletin].
§1.168(i)-0 Table of contents for the general asset account rules.
§1.168(i)-1 General asset accounts.
(5) and (6) [The entries in the table of contents for the proposed amendments to §1.168(i)-1(b)(5) and (6) are the same as the entries in the table of contents for §1.168(i)-1T(b)(5) and (6) published elsewhere in this issue of the Bulletin].
(3) [The entry in the table of contents for the proposed amendments to §1.168(i)-1(c)(3) is the same as the entry in the table of contents for §1.168(i)-1T(c)(3) published elsewhere in this issue of the Bulletin].
(2) and (3) [The entries in the table of contents for the proposed amendments to §1.168(i)-1(d)(2) and (d)(3) are the same as the entries in the table of contents for §1.168(i)-1T(d)(2) and (3) published elsewhere in this issue of the Bulletin].
(v) through (viii) [The entries in the table of contents for the proposed amendments to §1.168(i)-1(e)(2)(v) through (viii) are the same as the entries in the table of contents for §1.168(i)-1T(e)(2)(v) through (viii) published elsewhere in this issue of the Bulleltin].
(vi) [The entry in the table of contents for the proposed amendments to §1.168(i)-1(e)(3)(vi) is the same as the entry in the table of contents for §1.168(i)-1T(e)(3)(vi) published elsewhere in this issue of the Bulletin].
(2) [The entry in the table of contents for the proposed amendments to §1.168(i)-1(h)(2) is the same as the entry in the table of contents for §1.168(i)-1T(h)(2) published elsewhere in this issue of the Bulletin].
(i) [The entry in the table of contents for the proposed amendments to §1.168(i)-1(i) is the same as the entry in the table of contents for §1.168(i)-1T(i) published elsewhere in this issue of the Bulletin].
(m) [The entry in the table of contents for the proposed amendments to §1.168(i)-1(m) is the same as the entry in the table of contents for §1.168(i)-1T(m) published elsewhere in this issue of the Bulletin].
1. Removing paragraphs (l), (l)(1), (l)(2), and (l)(3), and redesignating paragraphs (k), (k)(1), (k)(2), and (k)(3) as paragraphs (l), (l)(1), (l)(2), and (l)(3), respectively.
2. Redesignating paragraph (j) as paragraph (k) and redesignating paragraph (i) as paragraph (j), and adding new paragraph (i).
3. Revising paragraphs (a) through (h) and revising paragraphs (j) through (l)(1); and
4. Adding paragraph (m).
(a) through (l)(1) [The text of the proposed amendments to §1.168(i)-1(a) through (l)(1) is the same as the text of §1.168(i)-1T(a) through (l)(1) published elsewhere in this issue of the Bulletin].
(m) [The text of the proposed amendments to §1.168(i)-1(m) is the same as the text of §1.168(i)-1T(m) published elsewhere in this issue of the Bulletin].
§1.168(i)-7 Accounting for MACRS property.
[The text of the proposed amendments to §1.168(i)-7 is the same as the text of §1.168(i)-7T published elsewhere in this issue of the Bulletin].
§1.168(i)-8 Dispositions of MACRS property.
[The text of the proposed amendments to §1.168(i)-8 is the same as the text of §1.168(i)-8T published elsewhere in this issue of the Bulletin].
1. Revising the section headings to the table of contents for §§1.263(a)-2 and 1.263(a)-3.
2. Adding entries to the table of contents for §§1.263(a)-1, 1.263(a)-2, and 1.263(a)-3.
§1.263(a)-0 Table of contents.
§1.263(a)-1 Capital expenditures; in general.
(a) through (g) [The entries in the table of contents for the proposed amendments to §1.263(a)-1(a) through (g) are the same as the entries in the table of contents for §1.263(a)-1T(a) through (g) published elsewhere in this issue of the Bulletin].
§1.263(a)-2 Amounts paid to acquire or produce tangible property.
(a) through (k) [The entries in the table of contents for the proposed amendments to §1.263(a)-2(a) through (k) are the same as the entries in the table of contents for §1.263(a)-2T(a) through (k) published elsewhere in this issue of the Bulletin].
§1.263(a)-3 Amounts paid to improve tangible property.
(a) through (p) [The entries in the table of contents for the proposed amendments to §1.263(a)-3(a) through (p) are the same as the entries in the table of contents for §1.263(a)-3T(a) through (p) published elsewhere in this issue of the Bulletin].
[The text of the proposed amendments to §1.263(a)-1 is the same as the text of §1.263(a)-1T published elsewhere in this issue of the Bulletin].
[The text of the proposed amendments to §1.263(a)-2 is the same as the text of §1.263(a)-2T published elsewhere in this issue of the Bulletin].
[The text of the proposed amendments to §1.263(a)-3 is the same as the text of §1.263(a)-3T published elsewhere in this issue of the Bulletin].
§1.263(a)-6 Election to deduct or capitalize certain expenditures.
[The text of the proposed amendments to §1.263(a)-6 is the same as the text of §1.263(a)-6T published elsewhere in this issue of the Bulletin].
§1.263A-1 Uniform capitalization of costs.
(14) [The text of the proposed amendments to §1.263A-1(b)(14) is the same as the text of §1.263A-1T(b)(14) published elsewhere in this issue of the Bulletin].
(4) [The text of the proposed amendments to §1.263A-1(c)(4) is the same as the text of §1.263A-1T(c)(4) published elsewhere in this issue of the Bulletin].
(A) [The text of the proposed amendments to §1.263A-1(e)(2)(i)(A) is the same as the text of §1.263A-1T(e)(2)(i)(A) published elsewhere in this issue of the Bulletin].
(E) [The text of the proposed amendments to §1.263A-1(e)(3)(ii)(E) is the same as the text of §1.263A-1T(e)(3)(ii)(E) published elsewhere in this issue of the Bulletin].
(l) [The text of the proposed amendments to §1.263A-1(l) is the same as the text of §1.263A-1T(l) published elsewhere in this issue of the Bulletin].
(m) [The text of the proposed amendments to §1.263A-1(m) is the same as the text of §1.263A-1T(m) published elsewhere in this issue of the Bulletin].
§1.1016-3 Exhaustion, wear and tear, obsolescence, amortization, and depletion for periods since February 13, 1913.
(ii) [The text of the proposed amendments to §1.1016-3(a)(1)(ii) is the same as the text of §1.1016-3T(a)(1)(ii) published elsewhere in this issue of the Bulletin].
(1) [The text of the proposed amendments to §1.1016-3(j)(1) is the same as the text of §1.1016-3T(j)(1) published elsewhere in this issue of the Bulletin].
(3) [The text of the proposed amendments to §1.1016-3T(j)(3) is the same as the text of §1.1016-3T(j)(3) published elsewhere in this issue of the Bulletin].
(Filed by the Office of the Federal Register on December 23, 2011, 8:45 a.m., and published in the issue of the Federal Register for December 27, 2011, F.R. 26678)
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