(IRS issues finalized regulations concerning the deduction versus capitalization of tangible personal property costs (e.g., “repair regulations); effective for tax years beginning on or after Jan. 1, 2014; taxpayers that don’t elect general asset account (GAA) will have same flexibility to forgo loss upon disposition of structural component as taxpayers not electing GAA treatment; amounts properly expensed under taxpayer’s financial accounting policies deductible (i.e., elimination of de minimis ceiling); safe harbor extended to routine maintenance of buildings, but require 10 years over which taxpayer must reasonably expect to perform relevant activities more than once; qualifying small taxpayer can elect to not apply improvement rules to eligible building property if total amount paid during tax year for repairs, maintenance, improvements and similar activities performed on eligible building does not exceed lesser of $10,000 or 2 percent of building’s unadjusted basis (note – eligible building property includes building unit of property that qualifying taxpayer owns or leases if unadjusted basis of building unit of property is $1,000,000 or less); definitions changed for “betterments” and “restorations”; threshold for materials and supplies to be exempt from capitalization raised to $200; rules altered for partial dispositions of assets, and qualifying disposition election must be made in some circumstances when assets held in GAA).