Proposed regulations on capitalization of tangible assets.To quell quell tr.v. quelled, quell·ing, quells 1. To put down forcibly; suppress: Police quelled the riot. 2. an area of controversy, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. issued proposed regulations clarifying the treatment of expenditures incurred in selling, acquiring, producing or improving tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. . The controversy surrounds whether taxpayers are required to capitalize certain expenditures as an improvement, or take an immediate deduction as necessary repair and maintenance expenses. The proposed regulations expand the standards in the current regulations, and provide guidance on the economic useful life of a unit of property and activities that prolong pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. that useful life. For more, visit www.irs.gov/newsroom/article/0,,id=161172.00.html. |
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