Comment on FR Doc # 2011-32246

Document ID: IRS-2007-0114-0042
Document Type: Public Submission
Agency: Internal Revenue Service
Received Date: February 23 2012, at 12:00 AM Eastern Standard Time
Date Posted: February 24 2012, at 12:00 AM Eastern Standard Time
Comment Start Date: December 27 2011, at 12:00 AM Eastern Standard Time
Comment Due Date: March 26 2012, at 11:59 PM Eastern Standard Time
Tracking Number: 80fbeec6
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This is comment on Proposed Rule

Guidance Regarding Deduction and Capitalization ofExpenditures Related to Tangible Property

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My wife and I jointly own and operate a farm, which is incorporated as an LLC. Our gross receipts in 2011 were $25,000, and our expected gross receipts in 2012 are $60,000. Under the proposed de minimis rules, in 2012 we would be required to capitalize any costs that exceed $60, for example a pipe wrench or an extension cord. Please revise the rules so that we will not be required to capitalize such small expenditures.

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Comment on FR Doc # 2011-32246
Public Submission Posted: 02/03/2012 ID: IRS-2007-0114-0040