March 2013 Issue

March 2013


In this month’s Accounting Methods Spotlight, taxpayers are given timely insight into how the 'tax benefit rule' may create state tax benefits. In addition, this month's issue provides updates on a range of federal income tax matters including application of the ‘next day rule’ to transaction costs, whether certain incentive payments are includible in gross income, and whether proceeds of a negligence suit are a return of capital. Also included are recent court decisions addressing the application of Rev. Proc. 2004-34 to tuition payments, whether advanced litigation expenses are subject to a change in method of accounting, whether certain settlement payments are deductible, and whether an abandoned purchase option was subject to ordinary loss treatment.

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