Even if a tax- payer chooses not to claim a casualty loss, the basis adjustment for the loss that could be claimed is required and the deduction of related repair expenses is prohibited under the temporary regulations. The final regulations revise the casualty loss rule to permit a deduction ...
Reports that the United States Internal Revenue Service (IRS) has issued guidance on using the one-year adjustment period for negative Section 481 adjustments that result from pending or recently approved applications for accounting period changes. Advance IRS consent; Streamlining of the ability to ...
Discusses a letter ruling by the United States Internal Revenue Service on a case regarding the effect of the inclusion of the Section 481 adjustment on a corporation's real estate investment trust status. Background on the case; Arguments raised in the case; Details of the ruling.Cornell...