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:
- Lessee must capitalize costs from construction of leased property as leasehold improvementsUnamortized debt issuance costs deductible as separate item
- Liability to pay rebates becomes fixed on purchase for purposes of the all events test
- Utility can use accelerated cost recovery system for depreciation
- Federal Circuit holds associated property rule invalid, reverses Claims Court
- Corporation's expense deductions denied, sole shareholder received constructive dividends