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Supplemental comments on the proposed "Tangibles Regulations".
- Article from:
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Tax Executive
- Article date:
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July 1, 2007
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Copyright informationCOPYRIGHT 2007 Tax Executives Institute, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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On June 19, 2007, TEI President David L. Bernard submitted a letter to Assistant Treasury Secretary for Tax Policy Eric Solomon providing supplemental comments on the proposed regulations relating to the treatment of expenditures for tangible property and repairs. The letter responds to a Treasury Department request for comments on whether a taxpayer's Applicable Financial Statement (or "book") life is appropriate for measuring whether an acquired or produced unit of property has a life of 12 months or less--and thus qualifies for an immediate deduction--or has a life in excess of 12 months and should be capitalized and depreciated or amortized for tax purposes. TEI's comments ...