February 2012 issue

February 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:

  • IRS increases user fees for changes in methods of accounting
  • Consent required for change in accounting method to new FASB standard for multiple deliverable contracts
  • Removing limit on deduction for interest on debt is not a change in accounting method
  • Damages recovered from interference with target purchase treated as return of capital
  • Tax Court addresses prepaid service contract issues
  • Tax Court rules that taxpayer is bound by original purchase price allocation
     

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