What is an Improvement? Does that improvement: (1) it returns a non-functional unit of property to operating condition; (2) it replaces a major component or substantial structural part or set of parts, or (3) it restores property after the end of its class life to a like-new condition (as defined in either a federal regulatory guideline or the manufacturer’s specifications. Discussion on how to identify and examples will be shared.
CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.