Effective August 15, 2014, the IRS adopted the final regulations relative to dispositions of MACRS property and the accounting for MACRS general asset accounts (GAA).  The final regulations remain applicable to tax years beginning on or after January 1, 2014.  Under these regulations, a partial disposition of a building component is able to result in a loss deduction only if a partial disposition election is made.  This election may be made for any of the defined major building components or a portion of a structural component and must be made by the due date (including extensions) of the original federal tax return for the tax year in which the portion of the asset is disposed of.  Based on informal IRS guidance, it is expected that an accounting method change will be available for 2014 which will allow taxpayers to apply the partial disposition election to tax years beginning before 2014.