Saturday, February 4, 3:30PM – 5:30 PM
Sponsoring Committee: Tax Accounting

This program will discuss the proposed regulations concerning capitalization of costs for tangible assets, which are expected to be released before the mid-year meeting. The proposed regulations are expected to address a number of issues including: the definition of a unit of property; the determination of whether costs add to the value or substantially prolong the useful life of property; the plan of rehabilitation doctrine; minimum capitalization thresholds; and repair allowances.  The panel will include IRS and Department of Treasury professionals involved in the drafting of the proposed regulations.

Moderator:    Helen Hubbard, Baker & McKenzie LLP, Washington, DC

Panelists:   Robert M. Brown, Associate Chief Counsel (Income Tax & Accounting), IRS, Washington, DC

Sharon Kay, Taxation Specialist, Office of Tax Legislative Counsel, Treasury Department, Washington, DC

Kimberly L. Koch, Special Counsel to the Associate Chief Counsel (Income Tax & Accounting), IRS, Washington, DC

Kenneth Gideon, Skadden, Arps, Slate, Meagher & Flom LLP, Washington, DC.

NOTE:  This program will not be held if the proposed regulations are not issued before February 4, 2006.