Accounting Methods Spotlight Q2 2019: Recent developments on tax accounting

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June 2019

Overview

This quarter’s Accounting Methods Spotlight newsletter features:

  • IRS issues success-based fees, transaction costs practice guides
  • Additional guidance issued on the state and local tax deduction limitation
  • Rev. Proc. 2019-18 provides safe harbor for trades of player contracts and draft picks
  • IRS issues Section 280F passenger automobile depreciation limitations and income inclusion amounts
  • Amount received is not taxable when taxpayer has an unconditional obligation to repay
  • Utility company entitled to loss deduction for abandonment of power plant construction
  • Settlement is trade or business expense of companies responsible for the claim
  • Payment of settlement did not promote and protect business
  • State grant to corporation to induce business to locate in state was a contribution to capital
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