This publication provides timely updates on a range of federal income tax issues including accounting methods and inventories, depreciation, long-term contract accounting, leasing, fringe benefits, and other miscellaneous tax issues.
This month's features:
- IRS increases user fees for changes in methods of accounting
- Consent required for change in accounting method to new FASB standard for multiple deliverable contracts
- Removing limit on deduction for interest on debt is not a change in accounting method
- Damages recovered from interference with target purchase treated as return of capital
- Tax Court addresses prepaid service contract issues
- Tax Court rules that taxpayer is bound by original purchase price allocation