Every taxpayer that uses tangible real or personal property in a business needs to understand the tax rules relating to the distinction between a repair and capital expenditure, as well as the depreciation of those capitalized expenditures and depreciable assets that are purchased or produced. This course covers recent developments relating to repair, capitalization, and depreciation as embodied in the final “tangible property regulations.” In addition, many significant changes to depreciation provisions, such as bonus depreciation and the Section 179 allowance, were made by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). Many of these changes have first gone into effect in 2016. This chapter also details these changes. Upon completion of this course, you will be able to: Recognize the de minimis expensing rule with updated per item expensing limits for taxpayers without an applicable financial statement; Recognize the operation of the safe harbor for determining the portion of capitalized and currently deducted costs of remodel-refresh projects on retail buildings and restaurants; Identify key differences and similarities in the latest automatic accounting method change revenue procedure that governs changes made to comply with the tangible property regulations; Identify what clients need to know about key legislative changes affecting bonus depreciation and other depreciation provisions that go into effect into 2016 and later; and Identify important changes to the Code Sec. 179 deduction, including deduction limits and changes related to qualified real property.