Internal Revenue Bulletin: 2013-43
October 21, 2013
Federal rates; adjusted federal rates; adjusted federal long-term rate and the long-term exempt rate. For purposes of sections 382, 642, 1274, 1288, and other sections of the Code, tables set forth the rates for October 2013.
These final regulations provide guidance on the application of sections 162(a) and 263(a) of the Code to amounts paid to acquire, produce, or improve tangible property. They also provide guidance under section 167 regarding accounting for and retirement of depreciable property, and under section 168 regarding accounting for property under the Modified Accelerated Cost Recovery System (MACRS) other than general asset accounts. They do not finalize or remove the 2011 temporary regulations under section 168 regarding general asset accounts and disposition of property subject to section 168, which are addressed in a separate notice of proposed rulemaking on this subject (See REG-110732-13).
Regulations are proposed regarding dispositions of property subject to depreciation under section 168 of the Code. The proposed regulations also amend the general asset account regulations under section 1.168(i)-1 and the accounting for MACRS property regulations under section 1.168(i)-7. Comments are requested by November 18, 2013. A public hearing is scheduled for December 19, 2013.
This revenue procedure provides guidance for a requesting spouse seeking equitable relief from income tax liability under section 66(c) or section 6015(f) of the Code. Revenue Procedure 2003-61 is superseded.
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