A square hole for a square peg: section 165 and environmental cleanup costs
Article Abstract:
Taxpayers arguing for current deduction treatment of the costs of environmental remediation should focus on the economic loss that occurs as a result of environmental damage instead of focusing on characterizations of the costs that have not been successful. The presumption of capitalization of such costs has won out over repair and matching principle arguments. Taxpayers should claim loss deductions for basis reduction that occurs because of loss in property value and changed environmental priorities. This approach would be consistent with tax policy and economic reality.
Publication Name: Virginia Tax Review
Subject: Law
ISSN: 0735-9004
Year: 1995
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A guide to applying ERISA section 4212(c) to sale of business transactions
Article Abstract:
Employers in multiemployer pension plans cannot withdraw from such plans without liability if their transactions fall within the limitations of ERISA section 4212(c) which was added with the Multiemployer Pension Plan Amendments Act of 1980. Reported case law has involved the pension benefits liability of parent corporations selling their subsidiaries. A uniform standard for applying section 4212(c) could be accomplished by using the plain meaning of the section, analyzed using a textualist approach, and looking at the totality of the circumstances.
Publication Name: Virginia Tax Review
Subject: Law
ISSN: 0735-9004
Year: 1998
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Deduct or amortize points - taxpayers get a choice
Article Abstract:
The IRS has released an advisory that clarifies the amortization of points paid on the mortgage of a principal residence. Citing a case involving taxpayers who employed the cash-method of accounting to calculate their tax deductions, the IRS concluded that Section 461 permitted the method used in the amortization of points paid to the lender. However, the IRS noted that this method could only be permitted if the taxpayers took only the standard deduction and did not try to obtain a tax benefit for the prepaid interest.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
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