The IRS issued final regulations with rules on how to:
- Determine gain or loss when property is subject to depreciation is disposed
- Determine the asset disposed
- Account for partial dispositions of depreciated property
General topics of these regulations are:
- Dispositions of MACRS property
- Partial dispositions
- Determining gain or loss
- General asset accounts
The regulations apply to tax years beginning on or after January 1, 2014; but, taxpayers can apply them to tax years beginning on or after January 1, 2012.
For more information, pleased view this referenced article from the Tax Advisor, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com