Several years after issuing proposed regulations, the IRS has issued temporary regulations relating to how Sections 162 and 263 apply to the acquisition, production, and improvement of tangible property. These regulations basically address the commonly encountered question: is an expenditure deductible, or must it be capitalized? These rules are particularly critical for all tax practitioners to understand because they apply to a wide variety of transactions that business clients commonly enter into. In 2012 and 2013, these regulations may provide better results than either prior law or the final regulations. All tax practitioners need to be familiar with these new rules. It is for this reason that this program, which covers these new rules and uses the IRS-provided examples as guides, is essential for both general tax practitioners and those with more specialized practices.