The IRS has released final regulations (T.D. 9689) on dispositions and partial dispositions of tangible depreciable property. The final regulations also amend the general asset account regulations. Taxpayers will want to determine how the new rules in the regulations may affect their current methods of grouping assets and recovering basis after dispositions.
Tax Flash 2014-10 provides more information.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
