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:
- Potential opportunity to accelerate deductions for sales-based royalties
- IRS issues proposed regulations on reimbursed entertainment expenses
- IRS issues final regulations on deductions for personal use of corporate jets
- Assignment of rights in lawsuit will not produce taxable income
- IRS addresses reporting of excise tax refund income
- IRS audit adjustments constitute changes in accounting method
- IRS will not challenge some partial worthlessness deductions for insurers
- Cooperative's dividends paid are not deductible until taken into account by patrons
- Accrual method taxpayer may not deduct state taxes when incurred
- Relator's share taxable as ordinary income
