7:05am             Current Developments Report and Update on Pending Projects. This program will cover the important recent developments in the areas of capital recovery and leasing since the May meeting in Washington, DC, and provide an update on guidance projects in these areas. Moderator: Katherine Breaks, KPMG LLP, Washington, DC. Panelists:  Sharon Kay, Taxation Specialist, Office of Tax Legislative Counsel, Department of Treasury, Washington, DC; Glenn Johnson, Ernst & Young LLP, Washington, DC.

8:00am             Overview of Proposed Tangible Property Repair Regulations. This panel will discuss aspects of the recently-propsed regulations concerning the capitalization of costs related to tangible property.  This long awaited guidance follows the finalization of regulations relating to the treatment of intangible property costs, and represents a significant step in the efforts to replace vague capitalization standards with bright-line tests. Moderator:  Susan Grais, Ernst & Young LLP, Washington, DC.  Panelists:  Sharon Kay, Taxation Specialist, Office of Tax Legislative Counsel, Department of Treasury, Washington, DC; Kimberly Koch, Special Counsel to the Associate Chief Counsel (Income Tax and Accounting), IRS, Washington, DC.