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:
- Government officials provide updates at May ABA meeting
- Sales at prices below acquisition cost satisfy all-events test
- Taxpayer not required to recognize gain on installment notes until disposition
- Cellular antenna towers classified as 15-year property
- Property used outside the United States not treated as used predominantly outside the United States under §168(g)(4)
- Like-kind exchanges between related parties qualify for nonrecognition of gain treatment
- Like-kind exchange treatment granted, accuracy penalties imposed
- Bad debt deduction denied, deficiency determination upheld
