March 2013 Issue

| March 2013

Overview

In this month’s Accounting Methods Spotlight, taxpayers are given timely insight into how the 'tax benefit rule' may create state tax benefits. In addition, this month's issue provides updates on a range of federal income tax matters including application of the ‘next day rule’ to transaction costs, whether certain incentive payments are includible in gross income, and whether proceeds of a negligence suit are a return of capital. Also included are recent court decisions addressing the application of Rev. Proc. 2004-34 to tuition payments, whether advanced litigation expenses are subject to a change in method of accounting, whether certain settlement payments are deductible, and whether an abandoned purchase option was subject to ordinary loss treatment.

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Annette Smith
Partner
Tel: +1 (202) 414 1048
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Christine Turgeon
Partner – WNTS Federal Tax Services Leader, Inventory Services Group
Tel: +1 (646) 471 1660
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