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:
- President Obama's FY 2013 budget targets certain accounting methods
- IRS outlines treatment of settlement proceeds following manufacturer's breach
- Certain restaurant and retail improvement property eligible for bonus depreciation deductions
- LB&I issues new directives for wireless and telecom industries
- LB&I provides guidance for examiners on benefits and burdens of ownership in contract manufacturing arrangements
- Wind turbine generators considered placed in service for depreciation, renewable energy credit
- PLR concludes sale of power purchase agreement results in capital gain
- IRS updates accuracy-related penalty guidance
- Dividends paid by a life insurance company to its policyholders are deductible under the recurring item exception
- Fifth Circuit affirms insurance fund not deductible business expense
- Corporation denied deduction for transfer to trust to satisfy contested tax liability
- Tax Court disallows deductions for business use of aircraft due to lack of substantiation
