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 updates Form 3115 instructions
- Energy-generating property passes tests for bonus depreciation
- Amounts paid to acquire wind energy facilities won't be allocated to power purchase agreements
- Letter granted to revoke election not to deduct bonus depreciation
- Losses from investment funds used to operate Ponzi scheme are theft losses
- Conversions of underperforming slot machines are deductible
- IRS issues guidance on fractional aircraft ownership program fuel surtax
