Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property, 74583-74586 [2012-30252]
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Federal Register / Vol. 77, No. 242 / Monday, December 17, 2012 / Rules and Regulations
pmangrum on DSK3VPTVN1PROD with
facilities in the FD&C Act, including the
amendments made by FSMA. This
document continues to serve as FDA’s
Small Entity Compliance Guide for
FDA’s food facility registration
regulation. Further, this guidance is
intended to set forth in plain language
the requirements for registration of food
facilities and help small businesses
understand the requirements.
DATES: December 17, 2012. Submit
either electronic or written comments
on Agency guidances at any time.
ADDRESSES: Submit written requests for
single copies of this guidance to the
Office of Compliance, Division of Field
Programs and Guidance (HFS–615),
Center for Food Safety and Applied
Nutrition, Food and Drug
Administration, 5100 Paint Branch
Pkwy., College Park, MD 20740. Send
one self-addressed adhesive label to
assist that office in processing your
request. See the SUPPLEMENTARY
INFORMATION section for electronic
access to the guidance.
Submit electronic comments on this
guidance to https://www.regulations.gov.
Submit written comments on this
guidance to the Division of Dockets
Management (HFA–305), Food and Drug
Administration, 5630 Fishers Lane, Rm.
1061, Rockville, MD 20852.
FOR FURTHER INFORMATION CONTACT:
Amy Barringer, Office of Compliance,
Center for Food Safety and Applied
Nutrition, Food and Drug
Administration, 5100 Paint Branch
Pkwy., College Park, MD 20740, 240–
402–1988.
SUPPLEMENTARY INFORMATION:
I. Background
The FDA Food Safety Modernization
Act (FSMA), enacted on January 4,
2011, amended section 415 of the FD&C
Act, in relevant part, to require that
facilities engaged in manufacturing,
processing, packing, or holding food for
consumption in the United States
submit additional registration
information to FDA, including an
assurance that FDA will be permitted to
inspect the facility at the times and in
the manner permitted by the FD&C Act.
Section 415 of the FD&C Act, as
amended by FSMA, also requires food
facilities required to register with FDA
to renew such registrations every other
year and provides FDA with authority to
suspend the registration of a food
facility in certain circumstances.
FDA has prepared this guidance to
restate the legal requirements in section
415 of the FD&C Act. Previously, this
guidance restated the legal requirements
of FDA’s food facility registration
regulation at 21 CFR part 1, Subpart H
VerDate Mar<15>2010
14:24 Dec 14, 2012
Jkt 229001
(§§ 1.225 through 1.243), implementing
section 415 of the FD&C Act, as added
by the Public Health Security and
Bioterrorism Preparedness and
Response Act of 2002. This guidance
also served as FDA’s Small Entity
Compliance Guide for 21 CFR part 1,
Subpart H in accordance with section
212 of the Small Business Regulatory
Enforcement Fairness Act (Pub. L. 104–
121). Because section 415 of the FD&C
Act was amended by section 102 of
FSMA in 2011, FDA is revising this
document to provide guidance on
section 415 of the FD&C Act, as
amended by FSMA. This updated
guidance is intended to help any entity
comply with the requirements of section
415 of the FD&C Act, including the
amendments made by section 102 of
FSMA. This document continues to
serve as FDA’s Small Entity Compliance
Guide for 21 CFR Part 1, Subpart H.
FDA is issuing this guidance
consistent with FDA’s good guidance
practices regulation (21 CFR 10.115) as
level 1 guidance. Consistent with FDA’s
good guidance practices regulation, the
Agency will accept comments, but it is
implementing this guidance document
immediately, in accordance with 21
CFR 10.115(g)(2), because the Agency
has determined that prior public
participation is not feasible or
appropriate because the updated
guidance document is merely specifying
the new requirements of section 102 of
FSMA, many of which are already in
effect. This guidance represents the
Agency’s current thinking on the
registration of food facilities. It does not
create or confer any rights for or on any
person and does not operate to bind
FDA or the public. An alternative
approach may be used if such approach
satisfies the requirements of the
applicable statutes and regulations.
II. The Paperwork Reduction Act of
1995
This guidance refers to previously
approved collections of information
found in FDA regulations and section
415 of the FD&C Act. These collections
of information are subject to review by
the Office of Management and Budget
(OMB) under the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501–3520). The
collections of information in §§ 1.230
through 1.235 and section 415 of the
FD&C Act have been approved under
OMB control number 0910–0502.
III. Comments
Interested persons may submit either
written comments regarding this
document to the Division of Dockets
Management (see ADDRESSES) or
electronic comments to https://
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74583
www.regulations.gov. It is only
necessary to send one set of comments.
Identify comments with the docket
number found in brackets in the
heading of this document. Received
comments may be seen in the Division
of Dockets Management between 9 a.m.
and 4 p.m., Monday through Friday, and
will be posted to the docket at https://
www.regulations.gov.
IV. Electronic Access
Persons with access to the Internet
may obtain the document at either
https://www.fda.gov/
RegulatoryInformation/Guidances/
default.htm or https://
www.regulations.gov. Always access an
FDA guidance document by using
FDA’s Web site listed previously to find
the most current version of the
guidance.
Dated: December 12, 2012.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2012–30327 Filed 12–14–12; 8:45 am]
BILLING CODE 4160–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9564]
RIN 1545–BJ93
Guidance Regarding Deduction and
Capitalization of Expenditures Related
to Tangible Property
Internal Revenue Service (IRS),
Treasury.
ACTION: Technical amendments.
AGENCY:
This document contains
amendments to temporary regulations
relating to guidance regarding deduction
and capitalization of expenditures
related to tangible property. These
amendments change the applicability
dates of the temporary regulations to
taxable years beginning on or after
January 1, 2014, while permitting
taxpayers to choose to apply the
temporary regulations for taxable years
beginning on or after January 1, 2012.
The amendments to the temporary
regulations will affect all taxpayers that
acquire, produce, or improve tangible
property.
SUMMARY:
These amendments are effective
December 17, 2012.
FOR FURTHER INFORMATION CONTACT:
Concerning §§ 1.162–3T, 1.162–4T,
1.162–11T, 1.263(a)–1T, 1.263(a)–2T,
1.263(a)–3T, and 1.263(a)–6T, Merrill D.
DATES:
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Federal Register / Vol. 77, No. 242 / Monday, December 17, 2012 / Rules and Regulations
Feldstein or Alan S. Williams, Office of
Associate Chief Counsel (Income Tax &
Accounting), (202) 622–4950 (not a tollfree call); Concerning §§ 1.165–2T,
1.167(a)–4T, 1.167(a)–7T, 1.167(a)–8T,
1.168(i)–1T, 1.168(i)–7T, 1.168(i)–8T,
1.263A–1T, and 1.1016–3T, Kathleen
Reed or Patrick Clinton, Office
Associate Chief Counsel (Income Tax &
Accounting), (202) 622–4930 (not a tollfree call).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations that are the
subject of these amendments are under
sections 162, 165, 167,168, 263, 263A,
and 1016 of the Internal Revenue Code.
The temporary regulations (TD 9564)
were published in the Federal Register
on Tuesday, December 27, 2011 (76 FR
81060). Because the temporary
regulations are applicable to taxable
years beginning on or after January 1,
2012, the IRS and the Treasury
Department are concerned that
taxpayers are expending resources to
comply with temporary regulations that
may not be consistent with forthcoming
final regulations. For more information
about the temporary regulations and
these amendments, see Notice 2012–73,
which is in IRB 2012–51.
Taxpayers choosing to apply the
provisions of the temporary regulations
to taxable years beginning on or after
January 1, 2012, may continue to rely on
the procedures by which a taxpayer may
obtain the automatic consent of the
Commissioner of Internal Revenue to
change its methods of accounting
provided in Revenue Procedures 2012–
19 (2012–14 IRB 689), and 2012–20
(2012–14 IRB 700), both of which are
available at IRS.gov.
Need for Amendments
For the reasons discussed, the IRS and
the Treasury Department have decided
to amend the applicability dates of the
temporary regulations.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
Amendments of Publication
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Paragraph 1. The authority citation
for part 1 continues to read as follows:
■
Authority: 26 U.S.C. 7805 * * *
Section 1.168(i)–1T also issued under 26
U.S.C. 168(i)(4). * * *
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(j) Effective/applicability date—(1) In
general. This section generally applies
to amounts paid or incurred (to acquire
or produce property) in taxable years
beginning on or after January 1, 2014.
However, a taxpayer may apply
paragraph (e) of this section (the
optional method of accounting for
rotable and temporary spare parts) to
taxable years beginning on or after
January 1, 2014. Section 1.162–3 as
contained in 26 CFR part 1 edition
revised as of April 1, 2011, applies to
taxable years beginning before January
1, 2014.
(2) Optional early application. Except
for paragraph (e) of this section, a
taxpayer may choose to apply this
section to amounts paid or incurred (to
acquire or produce property) in taxable
years beginning on or after January 1,
2012. A taxpayer may choose to apply
paragraph (e) of this section (the
optional method of accounting for
rotable and temporary spare parts) to
taxable years beginning on or after
January 1, 2012.
*
*
*
*
*
■ Par. 3. Section 1.162–4T is amended
by revising paragraph (c) to read as
follows:
§ 1.162–4T
Repairs (temporary).
*
*
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*
*
(c) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.162–4 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
*
*
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■ Par. 4. Section 1.162–11T is amended
by revising paragraph (c) to read as
follows:
Rentals (temporary).
*
PART 1—INCOME TAXES
14:24 Dec 14, 2012
§ 1.162–3T Materials and supplies
(temporary).
§ 1.162–11T
Accordingly, 26 CFR part 1 is
amended by making the following
technical amendments.
VerDate Mar<15>2010
Par. 2. Section 1.162–3T is amended
by revising paragraph (j) to read as
follows:
■
*
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*
*
(c) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.162–11 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
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section to taxable years beginning on or
after January 1, 2012.
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■ Par. 5. Section 1.165–2T is amended
by revising paragraph (d) to read as
follows:
§ 1.165–2T Obsolescence of
nondepreciable property (temporary).
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*
(d) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.165–2 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
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■ Par. 6. Section 1.167(a)–4T is
amended by:
■ 1. Revising paragraph (b)(1).
■ 2. Revising the heading and
introductory text to paragraph (b)(2).
The revisions read as follows:
§ 1.167(a)–4T
(temporary).
Leased property
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*
*
(b) * * *
(1) In general. Except as provided in
paragraphs (b)(2) and (b)(3) of this
section, this section applies to taxable
years beginning on or after January 1,
2014.
(2) Application of this section to
leasehold improvements placed in
service after December 31, 1986, in
taxable years beginning before January
1, 2014. For leasehold improvements
placed in service after December 31,
1986, in taxable years beginning before
January 1, 2014, a taxpayer may—
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■ Par. 7. Section 1.167(a)–7T is
amended by revising paragraph (f) to
read as follows:
§ 1.167(a)–7T Accounting for depreciable
property (temporary).
*
*
*
*
*
(f) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.167(a)–7 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
*
*
*
*
■ Par. 8. Section 1.167(a)–8T is
amended by revising paragraph (h) to
read as follows:
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§ 1.167(a)–8T
Retirements (temporary).
*
*
*
*
(h) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.167(a)–8 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
*
*
*
*
■ Par. 9. Section 1.168(i)–1T is
amended by:
■ 1. Revising paragraph (m)(1).
■ 2. Redesignating paragraph (m)(3) as
paragraph (m)(4).
■ 3. Redesignating paragraph (m)(2) as
paragraph (m)(3) and adding new
paragraph (m)(2).
■ 4. In redesignated paragraph (m)(3),
last sentence, the language ‘‘paragraph
(m)(2)’’ is removed and ‘‘paragraph
(m)(3)’’ is added in its place.
The revision and addition read as
follows:
§ 1.168(i)–1T
(temporary).
Par. 11. Section 1.168(i)–8T is
amended by:
■ 1. Revising paragraph (i)(1).
■ 2. Redesignating paragraph (i)(3) as
paragraph (i)(4).
■ 3. Redesignating paragraph (i)(2) as
paragraph (i)(3) and adding new
paragraph (i)(2).
The revision and addition read as
follows:
■
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General asset accounts
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*
(m) * * *
(1) In general. This section applies to
taxable years beginning on or after
January 1, 2014. Section 1.168(i)–1 as
contained in 26 CFR part 1 edition
revised as of April 1, 2011, applies to
taxable years beginning before January
1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
*
*
*
*
■ Par. 10. Section 1.168(i)–7T is
amended by:
■ 1. Revising paragraph (e)(1).
■ 2. Redesignating paragraph (e)(3) as
paragraph (e)(4).
■ 3. Redesignating paragraph (e)(2) as
paragraph (e)(3) and adding new
paragraph (e)(2).
The revision and addition read as
follows:
§ 1.168(i)–8T Dispositions of MACRS
property (temporary).
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(i) * * *
(1) In general. This section applies to
taxable years beginning on or after
January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
*
*
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*
■ Par. 12. Section 1.263(a)–0T is
amended by:
■ 1. Adding new entries in the table of
contents for § 1.263(a)–1T(g)(1) and
(g)(2).
■ 2. Adding new entries in the table of
contents for § 1.263(a)–2T(k)(1) and
(k)(2).
■ 3. Adding new entries in the table of
contents for § 1.263(a)–3T(p)(1) and
(p)(2).
The additions read as follows:
§ 1.263(a)–0T
(temporary).
*
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Table of Contents
*
*
§ 1.263(a)–1T Capital expenditures; In
general (temporary).
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*
(g) * * *
(1) In general.
(2) Optional early application.
*
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§ 1.263(a)–2T Amounts paid to acquire or
produce tangible property (temporary).
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*
(k) * * *
(1) In general.
(2) Optional early application.
*
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*
§ 1.263(a)–3T Amounts paid to improve
tangible property (temporary).
*
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§ 1.168(i)–7T Accounting for MACRS
property (temporary).
*
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(e) * * *
(1) In general. This section applies to
taxable years beginning on or after
January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
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*
*
*
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(p) * * *
(1) In general.
(2) Optional early application.
*
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§ 1.263(a)–1T
[Amended]
Par. 13. Section 1.263(a)–1T is
amended by revising paragraph (g) to
read as follows:
■
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§ 1.263(a)–1T Capital expenditures: In
general (temporary).
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(g) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.263(a)-1 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
*
*
*
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*
■ Par. 14. Section 1.263(a)–2T is
amended by revising paragraph (k) to
read as follows:
§ 1.263(a)–2T Amounts paid to acquire or
produce tangible property (temporary).
*
*
*
*
*
(k) Effective/applicability date—(1) In
general. Except for paragraphs (f)(2)(iii),
(f)(2)(iv), (f)(3)(ii), and (g) of this section,
this section generally applies to taxable
years beginning on or after January 1,
2014. Paragraphs (f)(2)(iii), (f)(2)(iv),
(f)(3)(ii), and (g) of this section apply to
amounts paid or incurred (to acquire or
produce property) in taxable years
beginning on or after January 1, 2014.
Section 1.263(a)–2 as contained in 26
CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning
before January 1, 2014.
(2) Optional early application. Except
for paragraphs (f)(2)(iii), (f)(2)(iv),
(f)(3)(ii), and (g) of this section, a
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012. A taxpayer may
choose to apply paragraphs (f)(2)(iii),
(f)(2)(iv), (f)(3)(ii), and (g) of this section
to amounts paid or incurred (to acquire
or produce property) in taxable years
beginning on or after January 1, 2012.
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■ Par. 15. Section 1.263(a)–3T is
amended by revising paragraph (p) to
read as follows:
§ 1.263(a)–3T Amounts paid to improve
tangible property (temporary).
*
*
*
*
*
(p) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.263(a)–3 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
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Federal Register / Vol. 77, No. 242 / Monday, December 17, 2012 / Rules and Regulations
Par. 16. Section 1.263(a)–6T is
amended by revising paragraph (c) to
read as follows:
■
§ 1.263(a)–6T Election to deduct or
capitalize certain expenditures (temporary).
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*
*
(c) Effective/applicability date—(1) In
general. This section applies to taxable
years beginning on or after January 1,
2014. Section 1.263(a)–3 as contained in
26 CFR part 1 edition revised as of April
1, 2011, applies to taxable years
beginning before January 1, 2014. For
the effective dates of the enumerated
election provisions, see those Internal
Revenue Code sections and the
regulations thereunder.
(2) Optional early application. A
taxpayer may choose to apply this
section to taxable years beginning on or
after January 1, 2012.
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■ Par. 17. Section 1.263A–1T is
amended by:
■ 1. Revising paragraph (m)(2).
■ 2. Redesignating paragraph (m)(3) as
paragraph (n).
The revision reads as follows:
§ 1.263A–1T Uniform capitalization of
costs (temporary).
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(m) * * *
(2) Paragraph (b)(14), the introductory
phrase of paragraph (c)(4), the last
sentence of paragraphs (e)(2)(i)(A) and
(e)(2)(ii)(E), paragraph (l), and paragraph
(m)(2) of this section apply to amounts
paid or incurred (to acquire or produce
property) in taxable years beginning on
or after January 1, 2014. Section
1.263A–1 as contained in 26 CFR part
1 edition revised as of April 1, 2011,
applies to taxable years beginning before
January 1, 2014. A taxpayer may choose
to apply paragraph (b)(14), the
introductory text of paragraph (c)(4), the
last sentence of paragraphs (e)(2)(i)(A)
and (e)(2)(ii)(E), and paragraph (l) of this
section to amounts paid or incurred (to
acquire or produce property) in taxable
years beginning on or after January 1,
2012.
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■ Par. 18. Section 1.1016–3T is
amended by revising paragraph (j)(3) to
read as follows:
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§ 1.1016–3T Exhaustion, wear and tear,
obsolescence, amortization, and depletion
for periods since February 13, 1913
(temporary).
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(j) * * *
(3) Application of § 1.1016–
3T(a)(1)(ii)—(i) In general. Paragraph
(a)(1)(ii) of this section applies to
taxable years beginning on or after
VerDate Mar<15>2010
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Jkt 229001
January 1, 2014. Section 1.1016–
3(a)(1)(ii) as contained in 26 CFR part 1
edition revised as of April 1, 2011,
applies to taxable years beginning before
January 1, 2014.
(ii) Optional early application. A
taxpayer may choose to apply paragraph
(a)(1)(ii) of this section to taxable years
beginning on or after January 1, 2012.
*
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*
Guy R. Traynor,
Federal Register Liaison, Publication &
Regulation Branch, Legal Processing Division,
Associate Chief Counsel, Procedure &
Administration.
[FR Doc. 2012–30252 Filed 12–14–12; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2012–1052]
Drawbridge Operation Regulation;
Elizabeth River, Eastern Branch,
Norfolk, VA
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
ACTION:
The Coast Guard has issued a
temporary deviation from the operating
schedule that governs the operation of
the Norfolk Southern #V2.8 Railroad
Bridge across the Elizabeth River
(Eastern Branch), mile 2.7, at Norfolk,
VA. This deviation is necessary to
facilitate replacing bearings on the
Norfolk Southern #V2.8 Railroad Bridge.
This temporary deviation will allow the
drawbridge to remain in the closed-tonavigation position on specific dates
and times.
DATES: This deviation is effective from
8 a.m. on December 18, 2012, until to
8 a.m. on December 21, 2012.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2012–
1052 and are available online at
www.regulations.gov, inserting USCG–
2012–1052 in the ‘‘Search’’ box and
then clicking ‘‘Search’’. They are also
available for inspection or copying at
the Docket Management Facility (M–30),
U.S. Department of Transportation,
West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
SUMMARY:
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deviation, call or email Mr. Jim
Rousseau, Bridge Administration
Branch, Fifth Coast Guard District;
telephone (757) 398–6557, email
James.L.Rousseau2@uscg.mil. If you
have any questions on reviewing the
docket, call Renee V. Wright, Program
Manager, Docket Operations, 202–366–
9826.
The
Norfolk Southern Corporation, owner
and operator of the swing span Norfolk
Southern #V2.8 Railroad Bridge, mile
2.7, at Norfolk, VA, has requested a
temporary deviation from the current
operating regulations set out in 33 CFR
117.1007(a), to accommodate bearing
replacement.
Under the normal operating schedule
the bridge shall be left in the open
position at all times and will only be
closed for the passage of trains and to
perform periodic maintenance. The
Norfolk Southern #V2.8 Bridge, at mile
2.7, across the Elizabeth River (Eastern
Branch) in Norfolk, VA, has a vertical
clearance in the closed position to
vessels of 6 feet above mean high water.
To facilitate bearing replacement, the
drawbridge will be maintained in the
closed-to-navigation position from 8
a.m. on December 18, 2012, to 8 a.m. on
December 21, 2013. The bridge normally
operates in the open position with
several vessels transiting a week.
Coordination with waterway users has
been completed.
The Coast Guard will inform the users
of the waterway through our Local and
Broadcast Notices to Mariners of the
opening restrictions of the draw span to
minimize transiting delays caused by
this temporary deviation. There are no
alternate routes available. Mariners able
to pass under the bridge in the closed
position may do so at any time and the
bridge is not able to open for
emergencies. Mariners are advised to
proceed with caution.
In accordance with 33 CFR 117.35(e),
the drawbridge must return to its regular
operating schedule immediately at the
end of the effective period of this
temporary deviation. This deviation
from the operating regulations is
authorized under 33 CFR 117.35.
SUPPLEMENTARY INFORMATION:
Dated: December 5, 2012.
Waverly W. Gregory, Jr.,
Bridge Program Manager, Fifth Coast Guard
District.
[FR Doc. 2012–30286 Filed 12–14–12; 8:45 am]
BILLING CODE 9110–04–P
E:\FR\FM\17DER1.SGM
17DER1
]]>Agencies
[Federal Register Volume 77, Number 242 (Monday, December 17, 2012)]
[Rules and Regulations]
[Pages 74583-74586]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30252]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9564]
RIN 1545-BJ93
Guidance Regarding Deduction and Capitalization of Expenditures
Related to Tangible Property
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Technical amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains amendments to temporary regulations
relating to guidance regarding deduction and capitalization of
expenditures related to tangible property. These amendments change the
applicability dates of the temporary regulations to taxable years
beginning on or after January 1, 2014, while permitting taxpayers to
choose to apply the temporary regulations for taxable years beginning
on or after January 1, 2012. The amendments to the temporary
regulations will affect all taxpayers that acquire, produce, or improve
tangible property.
DATES: These amendments are effective December 17, 2012.
FOR FURTHER INFORMATION CONTACT: Concerning Sec. Sec. 1.162-3T, 1.162-
4T, 1.162-11T, 1.263(a)-1T, 1.263(a)-2T, 1.263(a)-3T, and 1.263(a)-6T,
Merrill D.
[[Page 74584]]
Feldstein or Alan S. Williams, Office of Associate Chief Counsel
(Income Tax & Accounting), (202) 622-4950 (not a toll-free call);
Concerning Sec. Sec. 1.165-2T, 1.167(a)-4T, 1.167(a)-7T, 1.167(a)-8T,
1.168(i)-1T, 1.168(i)-7T, 1.168(i)-8T, 1.263A-1T, and 1.1016-3T,
Kathleen Reed or Patrick Clinton, Office Associate Chief Counsel
(Income Tax & Accounting), (202) 622-4930 (not a toll-free call).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations that are the subject of these amendments
are under sections 162, 165, 167,168, 263, 263A, and 1016 of the
Internal Revenue Code. The temporary regulations (TD 9564) were
published in the Federal Register on Tuesday, December 27, 2011 (76 FR
81060). Because the temporary regulations are applicable to taxable
years beginning on or after January 1, 2012, the IRS and the Treasury
Department are concerned that taxpayers are expending resources to
comply with temporary regulations that may not be consistent with
forthcoming final regulations. For more information about the temporary
regulations and these amendments, see Notice 2012-73, which is in IRB
2012-51.
Taxpayers choosing to apply the provisions of the temporary
regulations to taxable years beginning on or after January 1, 2012, may
continue to rely on the procedures by which a taxpayer may obtain the
automatic consent of the Commissioner of Internal Revenue to change its
methods of accounting provided in Revenue Procedures 2012-19 (2012-14
IRB 689), and 2012-20 (2012-14 IRB 700), both of which are available at
IRS.gov.
Need for Amendments
For the reasons discussed, the IRS and the Treasury Department have
decided to amend the applicability dates of the temporary regulations.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Amendments of Publication
Accordingly, 26 CFR part 1 is amended by making the following
technical amendments.
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read as
follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.168(i)-1T also issued under 26 U.S.C. 168(i)(4). * * *
0
Par. 2. Section 1.162-3T is amended by revising paragraph (j) to read
as follows:
Sec. 1.162-3T Materials and supplies (temporary).
* * * * *
(j) Effective/applicability date--(1) In general. This section
generally applies to amounts paid or incurred (to acquire or produce
property) in taxable years beginning on or after January 1, 2014.
However, a taxpayer may apply paragraph (e) of this section (the
optional method of accounting for rotable and temporary spare parts) to
taxable years beginning on or after January 1, 2014. Section 1.162-3 as
contained in 26 CFR part 1 edition revised as of April 1, 2011, applies
to taxable years beginning before January 1, 2014.
(2) Optional early application. Except for paragraph (e) of this
section, a taxpayer may choose to apply this section to amounts paid or
incurred (to acquire or produce property) in taxable years beginning on
or after January 1, 2012. A taxpayer may choose to apply paragraph (e)
of this section (the optional method of accounting for rotable and
temporary spare parts) to taxable years beginning on or after January
1, 2012.
* * * * *
0
Par. 3. Section 1.162-4T is amended by revising paragraph (c) to read
as follows:
Sec. 1.162-4T Repairs (temporary).
* * * * *
(c) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.162-4 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 4. Section 1.162-11T is amended by revising paragraph (c) to read
as follows:
Sec. 1.162-11T Rentals (temporary).
* * * * *
(c) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.162-11 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 5. Section 1.165-2T is amended by revising paragraph (d) to read
as follows:
Sec. 1.165-2T Obsolescence of nondepreciable property (temporary).
* * * * *
(d) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.165-2 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 6. Section 1.167(a)-4T is amended by:
0
1. Revising paragraph (b)(1).
0
2. Revising the heading and introductory text to paragraph (b)(2).
The revisions read as follows:
Sec. 1.167(a)-4T Leased property (temporary).
* * * * *
(b) * * *
(1) In general. Except as provided in paragraphs (b)(2) and (b)(3)
of this section, this section applies to taxable years beginning on or
after January 1, 2014.
(2) Application of this section to leasehold improvements placed in
service after December 31, 1986, in taxable years beginning before
January 1, 2014. For leasehold improvements placed in service after
December 31, 1986, in taxable years beginning before January 1, 2014, a
taxpayer may--
* * * * *
0
Par. 7. Section 1.167(a)-7T is amended by revising paragraph (f) to
read as follows:
Sec. 1.167(a)-7T Accounting for depreciable property (temporary).
* * * * *
(f) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.167(a)-7 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 8. Section 1.167(a)-8T is amended by revising paragraph (h) to
read as follows:
[[Page 74585]]
Sec. 1.167(a)-8T Retirements (temporary).
* * * * *
(h) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.167(a)-8 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 9. Section 1.168(i)-1T is amended by:
0
1. Revising paragraph (m)(1).
0
2. Redesignating paragraph (m)(3) as paragraph (m)(4).
0
3. Redesignating paragraph (m)(2) as paragraph (m)(3) and adding new
paragraph (m)(2).
0
4. In redesignated paragraph (m)(3), last sentence, the language
``paragraph (m)(2)'' is removed and ``paragraph (m)(3)'' is added in
its place.
The revision and addition read as follows:
Sec. 1.168(i)-1T General asset accounts (temporary).
* * * * *
(m) * * *
(1) In general. This section applies to taxable years beginning on
or after January 1, 2014. Section 1.168(i)-1 as contained in 26 CFR
part 1 edition revised as of April 1, 2011, applies to taxable years
beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 10. Section 1.168(i)-7T is amended by:
0
1. Revising paragraph (e)(1).
0
2. Redesignating paragraph (e)(3) as paragraph (e)(4).
0
3. Redesignating paragraph (e)(2) as paragraph (e)(3) and adding new
paragraph (e)(2).
The revision and addition read as follows:
Sec. 1.168(i)-7T Accounting for MACRS property (temporary).
* * * * *
(e) * * *
(1) In general. This section applies to taxable years beginning on
or after January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 11. Section 1.168(i)-8T is amended by:
0
1. Revising paragraph (i)(1).
0
2. Redesignating paragraph (i)(3) as paragraph (i)(4).
0
3. Redesignating paragraph (i)(2) as paragraph (i)(3) and adding new
paragraph (i)(2).
The revision and addition read as follows:
Sec. 1.168(i)-8T Dispositions of MACRS property (temporary).
* * * * *
(i) * * *
(1) In general. This section applies to taxable years beginning on
or after January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 12. Section 1.263(a)-0T is amended by:
0
1. Adding new entries in the table of contents for Sec. 1.263(a)-
1T(g)(1) and (g)(2).
0
2. Adding new entries in the table of contents for Sec. 1.263(a)-
2T(k)(1) and (k)(2).
0
3. Adding new entries in the table of contents for Sec. 1.263(a)-
3T(p)(1) and (p)(2).
The additions read as follows:
Sec. 1.263(a)-0T Table of Contents (temporary).
* * * * *
Sec. 1.263(a)-1T Capital expenditures; In general (temporary).
* * * * *
(g) * * *
(1) In general.
(2) Optional early application.
* * * * *
Sec. 1.263(a)-2T Amounts paid to acquire or produce tangible property
(temporary).
* * * * *
(k) * * *
(1) In general.
(2) Optional early application.
* * * * *
Sec. 1.263(a)-3T Amounts paid to improve tangible property
(temporary).
* * * * *
(p) * * *
(1) In general.
(2) Optional early application.
* * * * *
Sec. 1.263(a)-1T [Amended]
0
Par. 13. Section 1.263(a)-1T is amended by revising paragraph (g) to
read as follows:
Sec. 1.263(a)-1T Capital expenditures: In general (temporary).
* * * * *
(g) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.263(a)-1 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 14. Section 1.263(a)-2T is amended by revising paragraph (k) to
read as follows:
Sec. 1.263(a)-2T Amounts paid to acquire or produce tangible property
(temporary).
* * * * *
(k) Effective/applicability date--(1) In general. Except for
paragraphs (f)(2)(iii), (f)(2)(iv), (f)(3)(ii), and (g) of this
section, this section generally applies to taxable years beginning on
or after January 1, 2014. Paragraphs (f)(2)(iii), (f)(2)(iv),
(f)(3)(ii), and (g) of this section apply to amounts paid or incurred
(to acquire or produce property) in taxable years beginning on or after
January 1, 2014. Section 1.263(a)-2 as contained in 26 CFR part 1
edition revised as of April 1, 2011, applies to taxable years beginning
before January 1, 2014.
(2) Optional early application. Except for paragraphs (f)(2)(iii),
(f)(2)(iv), (f)(3)(ii), and (g) of this section, a taxpayer may choose
to apply this section to taxable years beginning on or after January 1,
2012. A taxpayer may choose to apply paragraphs (f)(2)(iii),
(f)(2)(iv), (f)(3)(ii), and (g) of this section to amounts paid or
incurred (to acquire or produce property) in taxable years beginning on
or after January 1, 2012.
* * * * *
0
Par. 15. Section 1.263(a)-3T is amended by revising paragraph (p) to
read as follows:
Sec. 1.263(a)-3T Amounts paid to improve tangible property
(temporary).
* * * * *
(p) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.263(a)-3 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
[[Page 74586]]
0
Par. 16. Section 1.263(a)-6T is amended by revising paragraph (c) to
read as follows:
Sec. 1.263(a)-6T Election to deduct or capitalize certain
expenditures (temporary).
* * * * *
(c) Effective/applicability date--(1) In general. This section
applies to taxable years beginning on or after January 1, 2014. Section
1.263(a)-3 as contained in 26 CFR part 1 edition revised as of April 1,
2011, applies to taxable years beginning before January 1, 2014. For
the effective dates of the enumerated election provisions, see those
Internal Revenue Code sections and the regulations thereunder.
(2) Optional early application. A taxpayer may choose to apply this
section to taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 17. Section 1.263A-1T is amended by:
0
1. Revising paragraph (m)(2).
0
2. Redesignating paragraph (m)(3) as paragraph (n).
The revision reads as follows:
Sec. 1.263A-1T Uniform capitalization of costs (temporary).
* * * * *
(m) * * *
(2) Paragraph (b)(14), the introductory phrase of paragraph (c)(4),
the last sentence of paragraphs (e)(2)(i)(A) and (e)(2)(ii)(E),
paragraph (l), and paragraph (m)(2) of this section apply to amounts
paid or incurred (to acquire or produce property) in taxable years
beginning on or after January 1, 2014. Section 1.263A-1 as contained in
26 CFR part 1 edition revised as of April 1, 2011, applies to taxable
years beginning before January 1, 2014. A taxpayer may choose to apply
paragraph (b)(14), the introductory text of paragraph (c)(4), the last
sentence of paragraphs (e)(2)(i)(A) and (e)(2)(ii)(E), and paragraph
(l) of this section to amounts paid or incurred (to acquire or produce
property) in taxable years beginning on or after January 1, 2012.
* * * * *
0
Par. 18. Section 1.1016-3T is amended by revising paragraph (j)(3) to
read as follows:
Sec. 1.1016-3T Exhaustion, wear and tear, obsolescence, amortization,
and depletion for periods since February 13, 1913 (temporary).
* * * * *
(j) * * *
(3) Application of Sec. 1.1016-3T(a)(1)(ii)--(i) In general.
Paragraph (a)(1)(ii) of this section applies to taxable years beginning
on or after January 1, 2014. Section 1.1016-3(a)(1)(ii) as contained in
26 CFR part 1 edition revised as of April 1, 2011, applies to taxable
years beginning before January 1, 2014.
(ii) Optional early application. A taxpayer may choose to apply
paragraph (a)(1)(ii) of this section to taxable years beginning on or
after January 1, 2012.
* * * * *
Guy R. Traynor,
Federal Register Liaison, Publication & Regulation Branch, Legal
Processing Division, Associate Chief Counsel, Procedure &
Administration.
[FR Doc. 2012-30252 Filed 12-14-12; 8:45 am]
BILLING CODE 4830-01-P
