New York Chapter addresses the IRS's tangible regulations.

• Author: Rasmussen, Jeffery P.
• Position: Chapter News

New York Chapter President Raymond J. Gwydir welcomed more than 100 TEI members and business guests to a half-day seminar on the Impact of the New Tangible Capitalization Regulations on Your Business on February 15, 2012.

The event, held at the midtown New York office of PricewaterhouseCoopers LLP, was designed to provide insight into the intricacies of the temporary regulations issued in December 2011 relating to expenditures for materials and supplies, tangible property, repairs, betterments, and depreciation or disposition of tangible property.

Discussion panelists Stuart Finkel, Cristy Turgeon, Rick Farley, and Ralph Ferrales of the New York and Washington National Tax Services offices of PwC, provided an overview of the framework for temporary rules. The speakers also discussed the requirements for capitalization in connection with the acquisition or production of property, reviewed the new definitions for materials and supplies and unit of property, identified key factors distinguishing improvements from repairs, and addressed significant changes governing dispositions of assets, including the revised general asset accounts.

Members and guests quizzed the panel throughout in a lively...