Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property, 75016 [2012-30490]
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75016
Federal Register / Vol. 77, No. 244 / Wednesday, December 19, 2012 / Rules and Regulations
[FR Doc. 2012–30519 Filed 12–18–12; 8:45 am]
Correction of Publication
BILLING CODE 3510–22–P
Accordingly, 26 CFR part 1 is
amended by making the following
correcting amendments.
DEPARTMENT OF THE TREASURY
PART 1—INCOME TAXES
Internal Revenue Service
as a reference to the revised or
renumbered form.
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*
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*
Guy R. Traynor,
Federal Register Liaison, Publication &
Regulations Branch, Legal Processing
Division, Associate Chief Counsel, Procedure
& Administration.
26 CFR Part 1
Paragraph 1. The authority citation
for part 1 continues to read as follows:
BILLING CODE 4830–01–P
[TD 9564]
Authority: 26 U.S.C. 7805 * * *
Section 1.168(i)–1 also issued under 26
U.S.C. 168(i)(4). * * *
Par. 2. Section 1.168(i)–0 is amended
by revising the entry in the table of
contents for paragraph (m) of § 1.168(i)–
1 to read as follows:
DEPARTMENT OF HOMELAND
SECURITY
§ 1.168(i)–0 Table of contents for the
general asset account rules.
33 CFR Part 165
■
■
RIN 1545–BJ93
Guidance Regarding Deduction and
Capitalization of Expenditures Related
to Tangible Property
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendments.
AGENCY:
This document contains
correcting amendments to the temporary
regulations (TD 9564), which were
published in the Federal Register on
Tuesday, December 27, 2011, relating to
guidance regarding deduction and
capitalization of expenditures related to
tangible property. These amendments
revise the general asset account
regulations to provide the time and
manner of making a general asset
account election. The amendatory
instructions of TD 9564 inadvertently
redesignated paragraphs (m)(2) and
(m)(3) for the general asset account
regulations as in effect before TD 9564
as paragraphs (l)(2) and (l)(3) for the
general asset account regulations as
amended by TD 9564. These correcting
amendments will affect all taxpayers
that make a general asset account
election.
SUMMARY:
These amendments are effective
December 19, 2012.
FOR FURTHER INFORMATION CONTACT:
Kathleen Reed or Patrick Clinton, Office
Associate Chief Counsel (Income Tax &
Accounting), (202) 622–4930 (not a tollfree call).
SUPPLEMENTARY INFORMATION:
DATES:
Background
The regulations that are the subject of
these corrections are under section 168
of the Internal Revenue Code.
wreier-aviles on DSK5TPTVN1PROD with
Need for Correction
As published on December 27, 2011
(76 FR 81060), TD 9564 contains errors
which may prove to be misleading and
are in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and
recordkeeping requirements.
VerDate Mar<15>2010
15:12 Dec 18, 2012
Jkt 229001
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[FR Doc. 2012–30490 Filed 12–18–12; 8:45 am]
Coast Guard
[Docket No. USCG–2012–0642]
RIN 1625–AA00
§ 1.168(i)–1
General asset accounts.
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*
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*
(m) [Reserved]. For further guidance,
see the entry for § 1.168(i)–1T(m).
■ Par. 3. Section 1.168(i)–1 is amended
by revising paragraphs (l)(2) and (l)(3) to
read as follows:
§ 1.168(i)–1
General asset accounts.
*
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*
(1) * * *
(2) Time for making election. The
election to apply this section shall be
made on the taxpayer’s timely filed
(including extensions) income tax
return for the taxable year in which the
assets included in the general asset
account are placed in service by the
taxpayer.
(3) Manner of making election. In the
year of election, a taxpayer makes the
election under this section by typing or
legibly printing at the top of the Form
4562, ‘‘GENERAL ASSET ACCOUNT
ELECTION MADE UNDER SECTION
168(i)(4),’’ or in the manner provided for
on Form 4562 and its instructions. The
taxpayer shall maintain records (for
example, ‘‘General Asset Account #1—
all 1995 additions in asset class 00.11
for Salt Lake City, Utah facility’’) that
identify the assets included in each
general asset account, that establish the
unadjusted depreciable basis and
depreciation reserve of the general asset
account, and that reflect the amount
realized during the taxable year upon
dispositions from each general asset
account. (But see section 179(c) and
§ 1.179–5 for the recordkeeping
requirements for section 179 property.)
The taxpayer’s recordkeeping practices
should be consistently applied to the
general asset accounts. If Form 4562 is
revised or renumbered, any reference in
this section to that form shall be treated
PO 00000
Frm 00010
Fmt 4700
Sfmt 4700
Safety Zone: Gilmerton Bridge Center
Span Float-in, Elizabeth River; Norfolk,
Portsmouth, and Chesapeake, VA—
Correction
Coast Guard, DHS.
Interim temporary final rule;
correction.
AGENCY:
ACTION:
On December 11, 2012, the
Coast Guard published in the Federal
Register an interim temporary final rule
establishing a safety zone around the
Gilmerton Bridge center span barge.
Inadvertently, this rule included an
error in the inclement weather date of
the safety zone. This document corrects
that error.
DATES: This rule will be effective from
January 7, 2013 through January 16,
2013. The rule is scheduled to be
enforced from 6:00 a.m. on January 7,
2013 through January 11, 2013, with
inclement weather dates of January 12,
2013 through January 16, 2013.
ADDRESSES: Documents indicated in this
preamble as being available in the
docket are part of docket USCG–2012–
0642 and are available online by going
to https://www.regulations.gov, inserting
USCG–2012–0642 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
rule, call or email LCDR Hector Cintron,
Waterways Management Division Chief,
Sector Hampton Roads, Coast Guard;
telephone 757–668–5581, email
SUMMARY:
E:\FR\FM\19DER1.SGM
19DER1
]]>Agencies
[Federal Register Volume 77, Number 244 (Wednesday, December 19, 2012)]
[Rules and Regulations]
[Page 75016]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-30490]
=======================================================================
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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: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains correcting amendments to the temporary
regulations (TD 9564), which were published in the Federal Register on
Tuesday, December 27, 2011, relating to guidance regarding deduction
and capitalization of expenditures related to tangible property. These
amendments revise the general asset account regulations to provide the
time and manner of making a general asset account election. The
amendatory instructions of TD 9564 inadvertently redesignated
paragraphs (m)(2) and (m)(3) for the general asset account regulations
as in effect before TD 9564 as paragraphs (l)(2) and (l)(3) for the
general asset account regulations as amended by TD 9564. These
correcting amendments will affect all taxpayers that make a general
asset account election.
DATES: These amendments are effective December 19, 2012.
FOR FURTHER INFORMATION CONTACT: Kathleen Reed or Patrick Clinton,
Office Associate Chief Counsel (Income Tax & Accounting), (202) 622-
4930 (not a toll-free call).
SUPPLEMENTARY INFORMATION:
Background
The regulations that are the subject of these corrections are under
section 168 of the Internal Revenue Code.
Need for Correction
As published on December 27, 2011 (76 FR 81060), TD 9564 contains
errors which may prove to be misleading and are in need of
clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is amended by making the following
correcting 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)-1 also issued under 26 U.S.C. 168(i)(4). * * *
0
Par. 2. Section 1.168(i)-0 is amended by revising the entry in the
table of contents for paragraph (m) of Sec. 1.168(i)-1 to read as
follows:
Sec. 1.168(i)-0 Table of contents for the general asset account
rules.
* * * * *
Sec. 1.168(i)-1 General asset accounts.
* * * * *
(m) [Reserved]. For further guidance, see the entry for Sec.
1.168(i)-1T(m).
0
Par. 3. Section 1.168(i)-1 is amended by revising paragraphs (l)(2) and
(l)(3) to read as follows:
Sec. 1.168(i)-1 General asset accounts.
* * * * *
(1) * * *
(2) Time for making election. The election to apply this section
shall be made on the taxpayer's timely filed (including extensions)
income tax return for the taxable year in which the assets included in
the general asset account are placed in service by the taxpayer.
(3) Manner of making election. In the year of election, a taxpayer
makes the election under this section by typing or legibly printing at
the top of the Form 4562, ``GENERAL ASSET ACCOUNT ELECTION MADE UNDER
SECTION 168(i)(4),'' or in the manner provided for on Form 4562 and its
instructions. The taxpayer shall maintain records (for example,
``General Asset Account 1--all 1995 additions in asset class
00.11 for Salt Lake City, Utah facility'') that identify the assets
included in each general asset account, that establish the unadjusted
depreciable basis and depreciation reserve of the general asset
account, and that reflect the amount realized during the taxable year
upon dispositions from each general asset account. (But see section
179(c) and Sec. 1.179-5 for the recordkeeping requirements for section
179 property.) The taxpayer's recordkeeping practices should be
consistently applied to the general asset accounts. If Form 4562 is
revised or renumbered, any reference in this section to that form shall
be treated as a reference to the revised or renumbered form.
* * * * *
Guy R. Traynor,
Federal Register Liaison, Publication & Regulations Branch, Legal
Processing Division, Associate Chief Counsel, Procedure &
Administration.
[FR Doc. 2012-30490 Filed 12-18-12; 8:45 am]
BILLING CODE 4830-01-P
