Asbestos is found in rocks and soil. These mineral fibers have worked well for manufacturers for many reasons. For starters, theyâre flexible and resistant to heat, chemicals, and electricity. Thatâs why they were widely used for years to make construction materials, automotive parts, and even textiles.
A tax expenditure program is government spending through the tax code. Tax expenditures alter the horizontal and vertical equity of the basic tax system by allowing exemptions, deductions, or credits to select groups or specific activities.
In the eyes of the IRS, these are also considered capital expenditures. By definition, application of Section 162 (definition of expense) and Section 263 (definition of capital expenditure) is founded in the principle of expending money to âacquire, produce, or improve tangible propertyâ.