At Last – Relief From the Repair Regulations
Date
2015-02-27
Authors
Harl, Neil
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Iowa State University Digital Repository
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Abstract
The long-running saga involving the IRS effort to retake the high ground1 in drawing the line between what is a repair and what must be capitalized2 took an abrupt turn on February 13, 2015, when IRS issued Revenue Procedure 2015-20 which lifted the burden of filing Forms 3115 for most small taxpayers.3 That was welcome news to many practitioners (and taxpayers).