October 2012 issue

October 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:

  • Accounting methods play key role in determining E&P of foreign corporations
  • IRS simplifies procedures for accounting method changes involving §381(a) transactions
  • Proposed regulations will likely require many producers to change their UNICAP method
  • Safe harbor for allocating success-based fees not applicable to milestone payments
  • IRS concludes that 'go shop' provision in merger agreement does not impact the bright-line date for a covered transaction
  • Vineyard operators may expense all or part of costs in year property is placed in service
  • Remediation expenses previously claimed as capital losses not deductible

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Annette Smith
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