December 2011 issue

December 2011

Overview

This month's features:

  • Government officials provide updates at ABA, AICPA fall meetings
  • IRS issues guidance regarding bonus deductions
  • LB&I directive provides relief for certain automatic accounting method changes
  • IRS withdraws, reissues proposed regulations on tax accounting elections for foreign corporations
  • PLR concludes that state grant payment is a non-shareholder contribution to capital
  • Fifth Circuit affirms disallowance of deductions is a change in method of accounting
  • Fourth Circuit affirms decision in Capital One
  • Tax Court finds that individual is entitled to travel and home office deductions

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