Tangible Property Regulations – Frequently Asked Questions From: https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations Section 162 of the Internal Revenue Code (IRC) allows you to deduct all the ordinary and necessary expenses you incur during the taxable year in carrying on your trade or business, including the costs of certain materials, supplies, repairs, and maintenance. However, section 263(a) of the IRC […]