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Engineering & Specialty Tax Solutions

Cost Segregation Energy Tax Incentives (179 & 45L)Insurance Replacement AppraisalsProperty Tax AppealsNew IRS Tangible Property Regs

Presented by: Michael F. DOnofrio1

Learning Objectives

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ENGINEERED TAX SERVICESNationalBasis

Specializes in engineering studies for tax strategies

Licensed Engineering Firm with 16 offices across the U.S.AResults

Tremendous Revenue generated for ETS PartnersAchievements

ETS averages $24,500,000 in monthly refunds and tax benefits for architects, contractors and engineering firms involved in Public Building designs.Clients

Clients include IKEA, JW Marriott, Boeing, Snowbird Ski Resort, Ford, BMW, Outback, top 100 CPA firms and Architectural firmsPartners

Energy Star, USGBC, NAIOP and ASHRAEApproved For Learning UnitsAIA, USGBC, NSPE

Engineering-BasedCost Segregation

Presented by: Michael F. DOnofrioCOST SEG AND 263(a)Hidden Opportunities For Property Owners

Pre-Construction Tax & Energy PlanningEnergy Audit & Efficiency StudiesDetailed Engineering Cost SegregationDEIRA Insurance Replacement AppraisalsAbandonment & DispositionEnergy Tax Incentives (179D / 45L)

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COST SEGREGATION Cost Segregation Analysis will methodically review property, plant and equipment and properly reclassify Real Property (generally depreciated over a period of either 27.5 year or 39 years) into Personal Property (generally depreciated over a period of either 3, 5, 7 or 15 years).

How is this done? Yes, the IRS allows it Drawings / Blueprints are reviewed and site visits conducted to review the building as part of a detailed Cost Segregation Analysis.Can also go back retroactively 5-10 years!Generally Requires the filing Form 3115

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Next GenerationCost Segregation Studies

COST SEGREGATION Benefits are More than just Accelerated Depreciation

2014 Bonus Depreciation Extended at 50%Select Transportation and longer period Production Property is eligible for 50% bonus depreciation through 2014Annual Abandonment and DispositionAnnual Repair & Maintenance updatesInsurance Replacement Appraisal (DEIRA)TPR Regs - Expensing vs. Capitalization179D & 45L Energy Tax Incentives

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TIMING ILLUSTRATION

WHICH PROPERTIES BENEFIT MOST?

Property TypePercentage Reallocated

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EPAct 179D & 45LFederal & State Energy Tax Incentives

Presented by: Michael F. DOnofrio179D / EPACT OVERVIEWIncentivize Energy Efficient Green BuildingNew Construction or RenovationsPlaced in Services Dates of: Jan 1, 2006 Dec 31, 2014Up to $1.80 per sf foot Tax DeductionPossible Extension Through 2016Benefits Private Property OwnerORDesigners/Contractors of Public Buildings

Upgrades, Renovations and RetrofitsCommercial and Residential (4+ stories)LEED Certified BuildingsGreen / Energy-Efficient BuildingsArchitects, Engineers and Contractors (3-Yr Look-back)Types: Schools, Government, Office, Retail, Hospitality, Industrial, Manufacturing, Healthcare, Parking Garages 179D CANDIDATES

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CALCULATION/REQUIREMENTSLightingHVACEnvelopeWhole BuildingDeduction/SF.60.60.60$1.802006 Notice16 2/3%16 2/3%16 2/3%50%2008 Notice20%20%10%50%2012 Notice25%15%10%50%

3 Methods for Meeting 179D Certification Requirements

Improvements Require Reduction in Energy Consumption Compared to ASHRAE 90.1-2001 Standards

179D CERTIFYING PARTYIRS Code States the Certifying Party must be: Qualified IndividualUnrelated, Third-Part, IndependentProfessionally Licensed Individual in the jurisdiction where the building is located.Must present to the taxpayer in writing the IRS required documents and requisite qualifications.CPA must verify validity of BOTH the inspection and signing parties.

Over $119,390 Energy Tax Deduction

Hampton Inn, Gainesville66,328 Square FeetCASE STUDY - HOSPITALITY

GHG Cost Segregation Study ProposalClient Overview: A group of Doctors own an older medical clinic with multiple 754 step-ups and significant renovations and additions in previous years. The majority of the property is depreciated on a straight line 39-year basis. ETS Proposal: There are benefits available to the client for Energy Efficient systems, Abandonment of previously removed systems, and accelerated depreciation through Cost Segregation with 25% estimated reclassification, reports also comply with Tangible Property regs for capitalization and deduction.

Initial analysis estimates immediate deductions of over $800,000 to be carried over on Form 3115 via 481 Adj.

GHG Cost Segregation ResultsClass - lifeDepreciation MethodBasis% of Reclassification5 Year200% db$1,744,892.0331.56%15 Year150% db$175,195.393.17%39 YearStraight-line$3,609,449.4065.27%179D Results$18,849.90Total: $5,548,386.72100%Total 481 Adjustment$877,220.88X 42.5 % $372,818.87 cashTotal Engineering Fee:-$19,477.29

Qualifies for (per Square Foot)*Job NumberProject NameFully Qualifying Property (>50%)Partially Qualifying PropertyTotalTotal Square FootageTotal Tax BenefitEnvelopeHVACLightingET-13070-12Parkside Professional Village (1, 2, 3)DNQ$0.60 DNQ(4)-$0.60 26,479 $15,887.40 --$0.30 $0.30 9,875 $2,962.50 % Improvement Contribution30.72%1.86%-Lighting Power Density % Reduction--25.16%Total:$18,849.90

179D Energy Case StudyMedical Clinic Client 179D Results

Over $240,000 Energy Tax DeductionCorporate Centre Office Towers at Boca VillageEnvelope 106,957 square feetLighting 220,220 square feetHVAC106,957 square feet

CASE STUDY - OFFICE

Public Buildings Architect Benefits

YearTax BenefitYearTax Benefit2010$341,547.002009$165,706.802011$375,731.602010$150,414.602012$346,983.102011$95,118.002012$415,270.80TOTAL TAX BENEFIT $1,064,261.70TOTAL TAX BENEFIT $826,510.20

CASE STUDY - DESIGNERS

UPCOMING 179D CHANGES

S.3591 Commercial Building Modernization ActProposed ChangesDeduction from $1.00 - $4.00 per sq. ft. Allocation from non-profits and REITsPossible Extension to December 2016Will encourage efficiencies for existing buildingsScales the Tax Deduction by Reduction %Updated StandardsAHSRAE 90.1-2004 for 2012-2014ASHRAE 90.1-2007 for 2015-2016

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ABANDONMENTMethod of disposing of the value of an asset that has been retrofitted for an immediate tax deductionOften times the existing system of a retrofit (Lights, HVAC, Roof, etc) remains on the 39-year schedule for deduction.

ETS increases the value of Cost Seg and 179D by incorporating Abandonment and Partial Dispositions into their study for an serious increased cash benefit and reduced ROI.

ABANDONMENT (162)$80,000 Lighting System10 Years Old60,000 square foot building

Depreciate $2,051/yr (on 39 yr CL)$2,051 x 10(yr) = $20,510$80,000 - $20,510 = $59,490 (Abandonment)60,000 x $.60 = $36,000 (179D)

Abandonment$59,490179D$36,000Total$95,490($95,490 x 35% Tax Rate)$33,422 CASH Benefit

LEARNING OBJECTIVES

RECENT HISTORY OF REGSTemporary Regs Issued on 12/23/2011Effective 1/1/2012Revision Made 11/20/2012Changed to be AnnouncedEffective Date of Regs Delayed to 1/1/2014Final & Proposed Regs Issued 9/13/2013Effective Date of 1/1/2014Further Guidance to be Finalized by Year-EndThe option for Early Adoption

The final treasury regulations expand, modify and clarify the scope and application governing I.R.C. 162(a) and 263(a).

OVERVIEW: HIGHLIGHTSThe final Repair Regs include the following:IRC 168 Regs related to depreciation are proposedIRC 162 Regs relate to what can be expensedMaterials and supplies (Reg. 1.162-3)Repairs and maintenance (Reg. 1.162-4)IRC 263 Regs relate to what can be capitalizedCapital expenditures (Reg. 1.263(a)-1)Amounts paid for the acquisition or production of tangible property (Reg. 1.263(a)-2)Amounts paid for improvement of tangible property (Reg. 1.263(a)-3)

The Treasury did not finalize companion regulations governing general asset accounts and the disposition of depreciable property under I.R.C. 168. Instead, the Treasury issued proposed regs and indicated that the proposed regs would be made final by the end of 2013.

OVERVIEW: HIGHLIGHTSThe final Repair Regs make the following significant changes:A revised and simplified de minimis safe harbor ruleThe extension of the safe harbor for routine maintenance to buildingsAn annual election for buildings that cost $1 million or less to deduct up to $10,000 of maintenance costsA new annual election to capitalize repair costs that are capitalized on the taxpayers booksThe refinement of the criteria for defining betterments and restorations

OVERVIEW: TIMELINEWhile generally effective for tax years beginning on or after January 1, 2014, taxpayers have the option of applying the final Repair Regs to tax years beginning on or after January 1, 2012.

Taxpayers can comply with the Repair Regs by:

Continuing to use the existing method under the temporary regulations for 2012 and 2013 tax years,Adopting the final regulations for 2012 and 2013, orAdopting the final regulations for 2014.

All taxpayers must comply with the final Repair Regs for the tax years beginning on or after January 1, 2014.

At a minimum, all taxpayers need to put procedures in place to comply with the Repair Regs before the start of 2014. They should also consider filing amended returns for 2012 and 2013 to make certain elections provided in the final Repair Regs.

OVERVIEW: TIMELINE

MATERIALS & SUPPLIESDefined as tangible property used & consumed in the taxpayers operations that is not inventory and:

A unit of property with a cost of $200 or less (increased from $100)Is fuel, lubricants, water or other consumable with an expected life of 12 months or less.Fall within the IRS definition of materials & suppliesIs purchased in order to maintain, repair or improve tangible property. Simplify the application of the de minimis safe harbor to materials and supplies.

The Treasury reasoned that the new $200 amount will capture many common supplies such as calculators and coffee makers.

Routine maintenance Safe Harbor

The final regs also allow routine maintenance on fixed assets -- including routine building maintenance -- to be deducted for tax purposes.

Routine maintenance costs are recurring activities you expect to perform to keep the property in its ordinarily efficient operating condition.

Examples include inspection, cleaning, testing and replacing parts.Routine Maintenance

Safe Harbor for MaintenanceRoutine maintenance safe harbor

To qualify as "routine," you must expect, at the time the property was placed in service, to perform the activity more than once during its economic useful life.

For building improvements to qualify under the routine maintenance safe harbor, you must expect to perform the activity more than once in 10 years.

REPAIR & MAINTENANCE COSTS: ELECT TO CAPITALIZENew Election to Capitalize Rule

The final Repair Regs allow taxpayers to elect to opt out of expensing repair and maintenance costs if the costs are treated as capital expenses on the taxpayers books and records.

This election is permanent.

It allows taxpayers to align their tax treatment with book treatment, eliminating book-to-tax differences.

De minimis Safe HarborDe Minimis Safe Harbor for Acquisitions

Many taxpayers prefer to use the same capitalization methods for book and tax purposes.

The final regs permit (ANNUAL safe harbor election) certain taxpayers to deduct tangible property they acquire or produce, if the total cost per item (or invoice) is $5,000 or less. To qualify for this safe harbor, you must:

Prepare an "applicable financial statement." That is, a certified audited financial statement or a financial statement filed with a state or local government.Possess a written accounting procedure at the beginning of the tax year for expensing property under a specified dollar amount.Expense the cost on your applicable financial statement, not just your tax return.

The de minimis safe harbor also applies to property with an economic useful life of 12 months or less as long as the item does not cost more than $5,000 per item (or per invoice).

De minimis Safe Harbor (cont.)De Minimis Safe Harbor for Acquisitions

Many private taxpayers do not prepare "applicable financial statements.

Example: They might prepare financial statements in-house or have them compiled by a CPA.

Taxpayers without applicable financial statements are subject to a $500 capitalization threshold.

However - to qualify for the lesser amount, you still must have accounting procedures in place at the beginning of the tax year for expensing property below the threshold.

De minimis Safe HarborDe Minimis Safe Harbor for Acquisitions

In addition, if you elect to use this safe harbor on your tax return, you must use the de minimis safe harbor for all amounts paid in the taxable year for tangible property -- including materials and supplies -- that meet the requirements.

You can only revoke an election to use the de minimis safe harbor by filing an application for change in accounting method.

If you do not currently have a written policy for expensing property under a specified dollar amount, consider drafting one before year end, if you plan to elect the de minimis safe harbor in 2014.

Small Business Safe HarborSmall Business Safe Harbor

The final regs offer a break to small businesses with gross receipts of $10 million (or less) when it comes to building improvements.

For buildings that initially cost $1 million or less, qualifying small taxpayers may elect to deduct the lesser of $10,000 or 2 percent of the adjusted basis of the property for repairs, maintenance, improvements and similar activities each year.

You may elect annually to use the safe harbor for buildings on a building-by-building basis by including a statement on your federal tax return.

Amounts to which you correctly apply this safe harbor are not treated as capitalizable building improvements under Section 263; instead, they are expensed under Section 162.

DE MINIMIS / SAFE HARBOR RULE ANNUAL ELECTIONDe Minimis / Safe Harbor rule is elected annually by attaching a statement to a timely filed tax return

The final Repair Regs provide that:The de minimis rule is a safe harbor elected annually by including a statement on the taxpayers timely filed original federal tax return for the year elected.

If elected, the de minimis safe harbor must be applied to all amounts paid in the tax year for tangible property that meet the requirements of the de minimis safe harbor, including amounts paid for materials and supplies that meet the requirements.

Functional Interdependent: all components of property that are functionally interdependent comprise a single unit of property. Components are functionally interdependent if the placing in service of one component is dependent on the placing in service of the other component (Temp. Regs. Sec. 1.263(a)-3T(e)(3)(i)).

Deduct vs. Capitalize

Determinationishighlyfactual

GuidancerevolvesaroundwhatconstitutestheUnitofPropertythatis beingrepairedorimproved.MustanalyzeeachcostinthecontextoftheUnitofProperty$10,000cost.UnitofProperty=$30,000Improvement$10,000cost.UnitofProperty=$300,000RepairSamecost,butfactsandcircumstancesrequireadifferenttreatment!

SmallertheUnitofProperty,morelikelytocapitalize

IMPROVEMENTS The final Repair Regs continue to require capitalization of amounts paid to improve tangible property. Property is improved if it results in a:

Betterment TestDoes it Increase the Value? Restoration TestDoes it Increase the Life?Adaptation TestDoes it Change the Use?

keep the property in ordinary efficient operating condition. 2013 Engineered Tax Services

IMPROVEMENTS:UNIT OF PROPERTY DEFINED

Defining the Unit of Property (UOP):

Components that are functionally interdependent. Defined as: Functional Interdependent: all components of property that are functionally interdependent comprise a single unit of property. Components are functionally interdependent if the placing in service of one component is dependent on the placing in service of the other component (Temp. Regs. Sec. 1.263(a)-3T(e)(3)(i)).

New regulations include specifications to plant property, networks and buildings.

Plant property individual UOP is now defined as components that perform a discrete and major function within a larger independent UOP.

When Do I Capitalize an Improvement?

UNIT OF PROPERTY:STRUCTURAL COMPONENTSBuilding structure - this includes walls, windows, doors, concrete & roof

The nine building systems as defined by the IRS are:

HVACPlumbingElectricalEscalatorsElevatorsFire suppression and alarmSecurityGas distributionAny other systems identified in published guidance

New regulations define the UOP between lessor and lessee relationships: For Lessor UOP = Portion Leased 9 building systems

For Lessee TIs are NOT a separate UOP from the larger unit. Rather UOP is identified as:Leased Space TIs 9 building systems

UNIT OF PROPERTY: EXAMPLECost segregation studies can be used to make these determinations easier for the taxpayer.

Without cost segregation: UOP = Building / 9 systems

With cost segregation: UOP = Building x 2 / 9 systems (i.e., lighting in 1245 & lighting in 1250)

Example 18, pg. 144. Additional rules; change in subsequent year. In Year 1, T acquired and placed in service a building and parking lot for use in its retail operations. Under Treas. Reg. 1.263(a)-2, T capitalized the cost of the building and the parking lot and began depreciating the building and the parking lot as nonresidential real property under I.R.C. 168(e). In Year 3, T completed a cost segregation study under which it properly determined that the parking lot qualified as 15-year property under section I.R.C. 168(e). In Year 3, T changed its method of accounting for the parking lot to use a 15-year recovery period and the 150-percent declining balance method of depreciation. Under Treas. Reg. 1.263(a)-2(e)(5)(ii), beginning in Year 3, T must treat the parking lot as a unit of property separate from the building.

IMPROVEMENTS: BETTERMENTSClarity of the Rules Governing Betterments

The final Repair Regs reorganize and clarify the types of activities that constitute betterments to property.

Also, the final Repair Regs no longer phrase the betterment test in terms of amounts that result in a betterment.

Rather, the final Repair Regs provide that a taxpayer must capitalize amounts that are reasonably expected to materially increase the productivity, efficiency, strength, quality, or output of a unit of property or that are for a material addition to a unit of property.

Eliminating the results in standard is aimed at reducing controversy for expenditures that span more than one tax year or when the outcome of the expenditure is uncertain when the expenditure is incurred.

Betterment Examples Retailer changeslayoutandappearanceofstores, reconfiguresdisplaytablesand rackstoprovide betterexposureof merchandise,correspondinglighting,movingonewalltoaccommodatereconfigurationoftablesandracks,repainting,patching holesinwalls,replacingdamagedfloorandceilingtilesandpowerwashing buildingexteriors.

Not material increaseincapacity, productivity,efficiency,strengthor qualityofthestores. Costsforsection1250propertydoNot resultinbetterments!However,Xmustcapitalize amountsforsection1245property in accordancewith1.263(a)2T(d)(1)

Continued ExampleSamefactsasexample6.Inadditiontorefreshitems,changeslayoutinordertoincreasetrafficand salesvolume.Moveschangingroomsandspecialtydepartments todifferentareas; replaceconventionaldoorswithautomaticdoors;replacecarpetwith ceramictile todelineatedepartmentsanddirectcustomer traffic. Includesupgradestoelectricalsystemtoaddvideomonitors.Replaces lightingwithmoreefficient, brighterlighting. Lightingchangemateriallyincreaseefficiency Rebuildwalls,ceilings,doors,flooring,andfacadeswillmateriallyincrease theefficiency,productivity,andqualityofXsstores.XmustcapitalizeALLcostsspentincludingitems fromex6

IMPROVEMENTS: RESTORATIONRestorations = Capitalization with Potential AbandonmentAn amount is paid to restore property if:It is for the replacement of a component of the property and the taxpayer recognized gain or loss on the sale or exchange of the component or deducted a loss for the component;The taxpayer returns the property to its ordinary efficient operating condition if the property has deteriorated to a state of disrepair and is no longer functional; it results in the rebuilding of the property to a like-new condition after the end of its class life; or It replaces a part or a combination of parts that comprise a major component or substantial structural part of the unit of property.

Restoration ExampleRoofinfactorybuildingiscomprisedofstructural elements,insulation,and waterproofmembrane. Overtime,waterproofmembranebegantowearand leakagebegan Xreplacesroofmembranewithsimilar butnewmembrane.(soitsnota betterment)Althoughroofmembranemayeffectfunctionof buildingstructure,itis not,byitself,amajor componentor substantialstructuralpartofbuilding structure Xisnotrequiredtotreattheamountpaidtoreplacethemembraneasa restoration. NotaRestoration.Notabetterment.=RepairExpense

Restorations Example 2NEW:Example#16

OfficebuildingwithoneHVACSystem Comprisedof3furnaces,3ACunits,andduct workthroughout thebuilding Furnacebreaksdown,replacedwithanew furnaceThethreefurnacestogetherperformacritical functionin operationofHVACsystem.Howeverreplacingasinglefurnaceisnota significantportionof thismajorcomponentof theHVACSystem. NotarestorationoftheUOP(HVACsystem)

IMPROVEMENTS : ADAPTATIONSAdaptations = Capitalization with Potential Abandonment

An amount is paid to adapt property to a new or different use if the adaptation is not consistent with the taxpayers intended ordinary use of the property at the time the property was originally placed in service by the taxpayer.The number of examples demonstrates the difficulty of determining the fine line between a deductible expense and a capitalized item.

ABANDONMENT/DISPOSITIONAbandonment/disposition of property regulations are in PROPOSED form only! The prior temporary regulations identified the ability to abandon structural components of buildings at the time of removal. Proposed regulations stipulate:

Partial disposition/abandonment on timely filed return only. This will prevent look-back on retirement of previous demolition projects. Taxpayers who have not taken disposition on assets in previous years may do so prior to tax year 2014 only. Further guidance for determining the basis of a components for disposition:

A engineering-based report or study to identify basis.Pro-rata allocation based on replacement costs.A calculation discounting cost of replacement based on the consumer product index.

CASE STUDYMedical Equipment ManufacturerMis-Capitalized Expenses 2009-2012$4,735,158Disposition from 2009-2012$1,076,164Energy Certification since 2007$339,000Total$6,150,322

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IMPROVEMENTS: REMOVAL COSTSRemoval costs can be deducted in all cases IF the taxpayer had a gain or loss on the removal of that asset or component. For example: In the case of a multi-use building and multiple tenants. One tenant moves out, and the new one requires demolition and new TIs. The contractor charges the building owner demolition charges for the removal of the existing TIs. These costs can be deducted IF the taxpayer files a partial disposition on a timely filed return.

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REVIEW/RECAP

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REVIEW/RECAP

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STRUCTURAL COMPONENTS:LESSEE PROPERTYEXAMPLE FROM Regulations:

Example 4 pg. 150. Lessee property; personal property added to leased building. T is a retailer of consumer products. T leases a building from L, which T intends to use as a retail sales facility. Pursuant to the lease, L provides a construction allowance to T, which T uses to acquire and construct partitions for fitting rooms, counters, and shelving. Assume that each partition, counter, and shelving unit is a unit of property under paragraph (e)(3) of this section. Assume that for Federal income tax purposes T is treated as the owner of the partitions, counters, and shelving. Ts expenditures for the partitions, counters, and shelving are not improvements to the leased property under paragraph (d) of this section, but rather constitute amounts paid to acquire or produce separate units of personal property under 1.263(a)-2(d)(1).

ETS PROCESS

ETS PROCESS

What Does This Mean? The IRS is expected to issue guidance this year (soon) explaining how and when to obtain automatic consents to comply with the final Repair Regs. In the meantime, taxpayer with fixed assets should review the temporary and final Repair Regs and be prepared to act promptly when guidance is issued. In the meantime, at a minimum, taxpayers should adopt written accounting procedures before the end of 2013 for expensing amounts paid for property under $5,000 (for taxpayers with applicable financial statements, $500 for others) to be able to take advantage of the de minimis safe harbor. This is an annual election beginning in 2014, but can also be made in 2012 and 2013 by filing amended tax returns if the taxpayer already had written accounting procedures in place for those years.

Compliance DeadlinesEffective Date

The final regulations generally apply to taxable years beginning on or after January 1, 2014.

However, certain provisions of the final regs only apply to amounts paid or incurred in taxable years beginning on or after January 1, 2014.

You may apply the new regulations to tax years beginning on or after January 1, 2012.

Compliance may require you to change your current capitalization procedures and file IRS Form 3115.

Taxpayers Should Consider:How to put procedures in place to account for material and supply costs up to the $200 amount in 2014 given the increase from the $100 amount in the temporary Repair Regs. Whether to elect to capitalize and depreciate materials and supplies in 2014 given the inclusion of emergency spare parts and whether to revoke a prior election by filing a private letter ruling request. How to account for routine maintenance costs for buildings and structural components in 2014, which were added to the routine maintenance safe harbor in the final Repair Regs. Whether to elect to capitalize repair and maintenance costs rather than expensing them to eliminate book-tax differences. This is an election that can only be made on the 2014 return; it cant be made in 2012 or 2013 by filing amended tax returns.Whether to elect to apply the safe harbor for small taxpayers with buildings with an unadjusted basis no greater than $1 million. This is an election that can be made for 2012 and 2013 by filing amended tax returns.Whether to elect to take losses for the costs of removing depreciable assets or components of depreciable assets in 2014 (which requires recognition of a loss) or for 2012 and 2013 (the MACRS temporary regulationswhich were replaced by proposed regulationsalso required recognition of a loss, but the regulations were optional for 2012 and 2013). A loss can be taken in 2012 or 2013 by filing amended tax returns or by filing a Form 3115 in the first or second year succeeding the applicable year.How to account for expenses previously capitalized as being part of an overall plan of improvement, which was a judicial standard eliminated by the temporary and final Repair Regs.

For Additional Information Contact:

Michael F. DOnofrio | Managing Directormdonofrio@engineeredtaxservices.comOffice: 561-762-0044www.engineeredtaxservices.com

Presented by: Michael F. DOnofrio

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