November 2011 issue

| November 2011

Overview

This month's features:

  • Key year-end planning opportunities for 2011
  • Opportunities exist to correct depreciation through amended returns
  • IRS addresses treatment of gift check sales
  • New safe harbor method available for taxpayers using the nonaccrual-experience method
  • IRS issues proposed regulations relating to the retail inventory method
  • IRS addresses contributions of inventory
  • Taxpayer permitted to claim additional first-year depreciation deduction for pipeline network
  • IRS issues guidance regarding §199 deduction for telecom service providers
  • Domestic production activities deduction doesn't create NOL
  • Tax Court disregards express allocation of settlement proceeds

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Annette Smith
Partner
Tel: +1 (202) 414 1048
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Christine Turgeon
Partner, Federal Tax Services
Tel: +1 (646) 471-1660
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