May 2012 issue

May 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:

  • IRS updates Form 3115 instructions
  • Energy-generating property passes tests for bonus depreciation
  • Amounts paid to acquire wind energy facilities won't be allocated to power purchase agreements
  • Letter granted to revoke election not to deduct bonus depreciation
  • Losses from investment funds used to operate Ponzi scheme are theft losses
  • Conversions of underperforming slot machines are deductible
  • IRS issues guidance on fractional aircraft ownership program fuel surtax

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