IRS field service advice contradicts Staley decision
Article Abstract:
The authors discuss differences between the IRS field service advice and the US Court of Appeals for the 7th Circuit's decision in A.E. Staley Manufacuring Co. regarding the capitalization of takeover expenses.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 2001
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Questions about the deduction of environmental cleanup costs after Revenue Ruling 94-38
Article Abstract:
Revenue Ruling 94-38 states that the costs incurred for soil remediation and groundwater treatment on land that was once uncontaminated and under the same ownership are not deductible as expenses or capital improvements. However, the scope of the Rev Ruling is too limited to offer insight into other situations. What is clear is that, in cases where the owners are cleaning up their own mess, the deduction will probably not be allowed.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1995
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Court rules against the deduction of environmental remediation costs
Article Abstract:
This article focuses on the March 1999 decision by the U.S. Eastern Virginia District Court in Dominion Resources, Inc. which concerned the capitalization or deduction treatment of environmental remediation costs. The court correctly denied deduction treatment due to facts showing that the costs were incurred to adapt the property to a new use and the property's value increased. IRS Revenue Ruling 94-38 was clearly not applicable.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1999
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