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7:00am Opening Remarks by the Chair.
7:05am Current Developments Report and Update on Capital Recovery Guidance Projects.
This program will (1) cover the important recent developments in the areas of capital recovery and leasing since the September 2005 meeting in San Francisco, CA; and (2) provide an update on guidance projects in the capital recovery area, including projects that are included in the 2005/2006 Treasury/IRS Priority Guidance Plan. Moderator: Maureen Kerrigan, Grant Thornton LLP, Washington, DC, Washington, DC. Panelists: George Manousos, Office of Tax Legislative Counsel, Treasury Department, Washington, DC.; Robert M. Brown, Associate Chief Counsel (Income Tax & Accounting), IRS, Washington, DC.; David Culp, KPMG LLP, Washington, DC.
7:45am Tangible Property Regulations Update. 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, Treasury Department, Washington, DC; Robert M. Brown, Associate Chief Counsel (Income Tax & Accounting), IRS, Washington, DC.; David Culp, KPMG LLP, Washington, DC; Thomas Yeates, Ernst & Young LLP, Washington, DC. It is anticipated that this panel will include additional Government panelists.
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