September 2012 issue

September 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:

  • Potential opportunity to accelerate deductions for sales-based royalties
  • IRS issues proposed regulations on reimbursed entertainment expenses
  • IRS issues final regulations on deductions for personal use of corporate jets
  • Assignment of rights in lawsuit will not produce taxable income
  • IRS addresses reporting of excise tax refund income
  • IRS audit adjustments constitute changes in accounting method
  • IRS will not challenge some partial worthlessness deductions for insurers
  • Cooperative's dividends paid are not deductible until taken into account by patrons
  • Accrual method taxpayer may not deduct state taxes when incurred
  • Relator's share taxable as ordinary income 

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Annette Smith
Tel: +1 (202) 414 1048

Christine Turgeon
Tel: +1 (646) 471 1660

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