Prop. regs. offer lesson on deducting education loan interest
Article Abstract:
The IRS has proposed regulations concerning interest deductions for qualified education loans. REG-116826-97 focuses on changes to Section 221 made TRA '97, the IRS Restructuring and Reform Act of 1998 and the Omnibus Consolidated and Emergency Supplemental Appropriations Act of 1999. Deductions for 1998, 1999 and 2000 support limits of $1,000, $1,500 and $2,000, respectively. Moreover, the deduction for tax years after 2000 is limited to $2,500. They are phased out for individuals supporting adjusted gross income between $40,000 and $55,000 for the tax year, and between $60,000 to $75,000 for taxpayers filing joint returns. In addition, loans made under qualified employer plans or associated with contracts acquired under such plans do not qualify for the deductions.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
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Unify tax and management accounting for inventories
Article Abstract:
Section 263A supports guidelines for reducing taxable income. Section 263A, which applies to real or personal property generated or purchased for resale, extends the definition of indirect costs to accommodate general and administrative expenses allocable to production processes. The section promotes recordkeeping tasks needed to determine indirect production costs and ways for allocating a portion of costs to inventory. It also supports activity-based costing to allocate overhead to products according to the number of activities made by the products. In addition, Section 263A utilizes cost-drivers to support a more accurate costing of inventory. I also allocates service costs as indirect costs benefiting production and nonproduction activities.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1998
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