The final report from an audit of $1.4 million of asbestos abatement work done on schools before 2006 reveals the city overpaid $268,000 for work done by one contractor. That contractor, Bestech Inc. of Connecticut, did not follow the terms of a state contract in charging for services, according to the audit report by William R. Rath of Woodbridge-based Industrial Health and Safety Consultants Inc.
WILTON -- Selectmen decided Tuesday to obtain an estimate for removing asbestos from the former Primary School before getting bids for demolition. Until we know about the asbestos, everyone is gun shy," Selectman Scott Taylor said, referring to the lack of those interested in either purchase or demolition.
An IRS ruling requiring capitalization of the costs of asbestos removal and allowing deductions for encapsulation of asbestos helps to clarify the issue of when environmental remediation costs can be currently deducted. Prior rulings have generally required that costs be capitalized. When property value is significantly improved and environmental problems are permanently cured, the remediation constitutes an improvement and costs must be capitalized. Encapsulation is considered a repair because it is a temporary measure that does not significantly affect usefulness and value, and repairs can be deducted.
ASBESTOS ABATEMENT/DEMOLITION SERVICES COUNTY OF ALLEGHANY, VIRGINIA DEPARTMENT OF PARKS & RECREATION The Alleghany County Department of Parks & Recreation is soliciting bids for professional asbestos abatement and demolition services for a dilapidated train depot. The depot is located in Alleghany County, Virginia, north of the City of Covington on Route 220 directly off Dressler Drive. There will be a base bid and an alternate bid for this project. Detailed bid information including the asbestos report may be obtained at the office or online at: http://www.co.alleghany.va.us/ Recreation/parks_and_rec.htm
The Armstrong School District's asbestos abatement projects were put on temporary hold Tuesday by a visiting Clarion County judge, as long as the plaintiffs post a $650,000 bond. Judge James Arner granted a preliminary injunction yesterday afternoon after nearly five hours of testimony, ordering that the district stop abatement projects because they "have a bearing on decisions the future board will make.
Asbestos removal costs should be currently deductible rather than capitalized, according to the Tax Executive Institute. The IRS should base its policy on Rev. Rul. 94-38, which governs tax treatment of environmental clean-up costs, and the Plainfield-Union case, which considered the deductibility of certain types of repairs. Expenses that should be capitalized, such as those made to adapt property for a different use, would be allowed as a exception to a deductibility rule on removal costs.
Contractors who removed asbestos from Bridgeview Elementary Center on Monday afternoon worked on one of the school system's many summertime asbestos-abatement projects, according to county maintenance director Terry Hollandsworth. Each summer, school officials contract with workers to remove asbestos from about 85,000 square feet of space inside several Kanawha County schools, Hollandsworth said. Last summer, contractors worked on about 100,000 square feet.
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