August 2012 issue

August 2012


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:

  • Top Automatic Accounting Method Changes for 2011
  • Medical IBNR/retiree prescription drug subsidy deduction sunsets in 2013
  • IRS rules on applicability of third-party comparable exception to online software
  • Charitable contribution carryover may reduce AMT NOL absorbed in a carryover year
  • Floating gaming facility is classified as nonresidential real property
  • Multiple buildings on rehabilitation site constitute single project
  • Leasing of aircraft is a change in use for depreciation purposes
  • Court holds adjusted basis of aircraft should not reflect impermissible depreciation deductions

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Annette Smith
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Christine Turgeon
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