April 2012 issue

April 2012

Overview

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:

  • Section 263A considerations for certain automatic accounting method changes
  • IRS publishes procedures for accounting method changes to comply with repair regulations
  • IRS rules on bonus depreciation for self-constructed property, limited component election
  • Extension granted to revoke election not to deduct first year depreciation for qualified property
  • Extension granted to elect ADS and not to deduct additional first year depreciation
  • IRS issues Q&A on treatment of energy property reimbursements under Recovery Act
  • Proceeds from sale of leasehold rights are not domestic production gross receipts
  • Damages award taxable when basis should have been recovered in prior exchange
  • Tax Court holds most components of apartment complex depreciable at same rate as buildings

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