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