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News EssentialsIRS Resources | Issue Number: RP-2013-24Inside This IssueRevenue Procedure 2013-24 resulted from an Industry Issue Resolution project undertaken to provide assistance to taxpayers that have a depreciable interest in steam or electric power generation property primarily used in the trade or business of generating or selling steam (or steam in the form of heat) or electricity. The revenue procedure provides definitions of units of property and major components taxpayers may use to determine whether expenditures to maintain, replace, or improve steam or electric power generation property must be capitalized under § 263(a) of the Internal Revenue Code. The revenue procedure also provides procedures for obtaining automatic consent to change to a method of accounting that uses all, or some of, the unit of property definitions provided and also provides an extrapolation methodology an eligible taxpayer may use in connection with a change in method of accounting for determining the amount of a § 481(a) adjustment. Revenue Procedure 2013-24 will appear in IRB 2013-21 dated May 20, 2013. Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259. This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message. |
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