7:00am             Opening Remarks by the Chair.

7:05am             Current Developments Report and Update on Capital Recovery and Leasing Guidance Projects.  This program will cover the important recent developments in the areas of capital recovery and leasing since the Midyear Meeting in San Diego, CA, and provide an update on guidance projects in the capital recovery and leasing areas.  Moderator: Katherine Breaks, KPMG LLP, Washington, DC.  Panelists:  Sharon Kay, Office of Tax Legislative Counsel, Department of Treasury, Washington, DC; Kathleen Reed, Senior Technician Reviewer, Office of Associate Chief Counsel (Passthroughs & Special Industries), IRS, Washington, DC; Glenn Johnson, Ernst & Young LLP, Washington, DC.

7:30am             The Proposed Tangible Property Regulations.  This program will discuss the proposed tangible property regulations under sections 162 and 263 expected to be released by the date of the meeting.  In particular, the panel will detail the new rules provided in the proposed regulations regarding the treatment of repair, rehabilitation and improvement costs of tangible property and provide insight as to the how the rules set forth in the regulations address the issues identified previously in Notice 2004-6.  This panel also will examine the reasoning behind particular rules and how, if applicable, the rules provide clarification or simplification of tax principles in the area of capitalization.  Moderator:  Susan Minasian Grais, Ernst & Young LLP, Washington, DC.  Panelists:  Sharon Kay, Office of Tax Legislative Counsel, Department of Treasury, Washington, DC;  Robert M. Brown, Associate Chief Counsel (Income Tax & Accounting), IRS, Washington, DC; Kim Koch, Special Counsel to the Associate Chief Counsel (Income Tax & Accounting), IRS, Washington, DC; Carol Conjura, KPMG LLP, Washington, DC.