IRS Delays Effective Date of New Repair Regulations

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As it had promised in a Nov. 20 notice, the Internal Revenue Service has amended the temporary regulations governing tangible property expenses to delay their effective date. The regulations will now apply to tax years beginning on or after Jan. 1, 2014, instead of Jan. 1, 2012, although taxpayers can elect to apply them to years beginning after Jan. 1, 2012.

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