Capitalization Regulations Clearing Murky Real Estate Taxation Waters (PDF)
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Determining the nature of expenditures on real estate for federal tax purposes is a fact-sensitive discipline. Capitalization Regulations effective for taxable years beginning on or after January 1, 2014, complement Tax Court decisions, the "general plan of rehabilitation" doctrine, and other elements to clarify the opaque distinction between currently deductible incidental expenses and capitalizable improvement/replacement expenses.
Patricia Hughes Mills received her Juris Doctorate degree, magna cum laude, from Syracuse University, and her LL.M. in Taxation, magna cum laude, from the University of San Diego. A past member of the Executive Committee of the State Bar of California Taxation section, Professor Mills practiced law for 15 years before joining Arthur Andersen for several years in their real estate and partnership tax practice. She is now a Professor of Clinical Accounting at the University of Southern California, where she teaches in the Masters of Business Taxation program. She has written several chapters for Powell on Real Property (Michael Allan Wolf, ed., LexisNexis), and is the update author for Federal Taxes Affecting Real Estate (Matthew Bender).
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