Treasury: Late Partial Disposition Election Available for Tangible Property

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Taxpayers with tangible property should be able to make a late partial disposition election, for a certain period of time, to identify past dispositions and recover basis under 2013 proposed rules (REG-110732-13) on disposition of property, a Treasury Department official said.
Since the release of the proposed rules along with final rules on the so-called repair regulations in September, the Internal Revenue Service and Treasury have received many questions on the implications of rules for partial dispositions and the ability to compute tax code Section 481(a) adjustments for changes in method of accounting, Scott Mackay, a taxation specialist in Treasury's Office of Tax Policy, said Jan. 24.
Mackay spoke at the midyear meeting of the American Bar Association Section of Taxation in Phoenix.

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