New developments impacting tax accounting methods

June 2014

Overview

In this month’s issue, you will receive insight on the new FASB, IASB revenue recognition rules that could impact the financial reporting practices of almost every company, and the US tax implications of this standard. In addition, we have included discussions on whether: support payments made by manufacturers under ‘facility image upgrade programs’ are includible in gross income; settlement proceeds adversely affect a REIT’s “Income Tests"; and whether a taxpayer was entitled to an extension of time to file the safe harbor election for allocating success-based fees . This month’s issue also discusses the U.S. Tax Court's recent finding that a land development companies’ contracts do not qualify as home construction contracts.

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